CenterPoint, Vectren to Merge
CenterPoint Energy, Inc. and Vectren Corporation have entered into a definitive merger agreement to form a leading energy delivery, infrastructure, and services company serving more than 7 million customers across the United States.
Under the terms of the agreement, which has been unanimously approved by both CenterPoint Energy’s and Vectren’s Boards of Directors, Vectren shareholders will receive $72 in cash for each share of Vectren common stock. CenterPoint Energy will also assume all outstanding Vectren net debt.
“This merger represents a significant step toward our vision to lead the nation in delivering energy, service and value, said Scott M. Prochazka, president and chief executive officer of CenterPoint Energy. “From the evolution of customer expectations to the development of innovative technologies, this is a time of extraordinary opportunity for our industry. As a combined company, we will continue to focus on a future that benefits our customers, employees, communities and shareholders.”
Following the closing of the transaction, Prochazka will serve as president and CEO of the combined company, whose natural gas utilities operations will be headquartered in Evansville, Ind.
Subject to all regulatory approvals, the merger is expected to close by the first quarter 2019.
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