Power generators International Power PLC (IPR.LN) and GDF Suez SA (GSZ.FR) said the combination of assets around the globe completed Thursday, consolidating their position in the U.K. and U.S. while strengthening their business in fast-growing emerging markets.

Under the terms of the transaction, GDF Suez is injecting its assets outside continental Europe into International Power in a tie-up that makes GDF Suez, with its approximate 70% stake in the new International Power, the world's largest utility by revenue. In 2009, GDF Suez revenues were EUR84 billion.

The deal strengthens the companies' positions in fast-growing economies in Latin America , Asia and the Middle East where they are targeting growth. The new International Power will also have a strengthened capital structure, improved access to capital plus a lower cost of debt due to an anticipated investment grade credit rating, International Power has said.

"The completion of this transaction creates a high-growth, world-leading independent power generation company," said International Power Chairman Neville Sims. "The enlarged group has a strong pipeline of committed new-build projects already in the course of construction, and enhanced access to further significant growth opportunities through its broader global presence."

Under the terms of the deal, International Power shareholders will receive a cash payment of 92 pence a share, totaling GBP1.4 billion from the French utility, through a special dividend to be paid Feb. 25.

GDF Suez is transferring its operations outside Europe , plus certain assets in the U.K. and Turkey , to International Power along with EUR4.4 billion of net debt. The reverse takeover leaves GDF Suez as International Power's majority shareholder, with 70% of the combined company's shares. International Power shareholders retain the other 30%.

Dirk Beeuwsaert is the new chairman of International Power, and Neville Simms will take on the role of deputy chairman.

The new International Power will remain an independent company listed and headquartered in London .

At 1130 GMT, shares in International Power were up 2.1% at 413.3 pence, outperforming the broader U.K. market.

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