CenterPoint to Acquire Atmos Energy's Retail Energy Services Business
CenterPoint Energy Services, Inc., an indirect, wholly-owned subsidiary of CenterPoint Energy, Inc. has signed an agreement to acquire Atmos Energy’s retail energy services business, Atmos Energy Marketing, LLC. The purchase price for the acquisition is $40 million plus working capital subject to customary post-closing purchase price adjustments. These assets will be combined with CenterPoint Energy’s non-regulated Energy Services business, which when finalized, will operate in six additional states for a total of 32 states, and deliver in excess of one trillion cubic feet of natural gas to approximately 100,000 customers (33,000 metered commercial and industrial customers and 65,000 individual Choice retail customers).
Atmos Energy Marketing is a full-service natural gas marketing company that provides natural gas supply and asset management services to utilities, local distribution companies, and industrial and commercial facilities as well as municipals, power plants and natural gas producers.
“This is an exciting time for our business with a second announced acquisition this year,” said Joe Vortherms, vice president of CenterPoint Energy Services. “Atmos Energy Marketing has built an impressive business, which will enable CenterPoint Energy Services to more effectively access new markets and customer segments, grow our customer base and gross margins, and maintain our low value-at-risk, cost-effective organizational structure. Their complementary operational and geographic footprints will provide CenterPoint Energy Services with the kind of scale, geographic reach, and expanded capabilities that will enable it to grow, while maintaining a focus on excellent customer service.”
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