Private equity firm Blackstone Group Friday struck a deal to buy power producer Dynegy Inc. for $543 million in cash and sell some of the company’s best assets to NRG Energy in the latest shake-up in the electric industry.

The deal values Dynegy at $4.7 billion including debt, which would make it one of the biggest buyouts of a power company since Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs bought  TXU for $32 billion in 2007. Get the full story »