• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 48 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 14 hours Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 25 mins Renewables provided only about 4% of total global energy needs in 2018
  • 8 hours How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 1 hour So You Think We’re Reducing Fossil Fuel? — Think Again
  • 1 hour N.Y. Governor Signs Climate Bill
  • 9 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 12 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 3 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 24 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 23 hours Today in Energy
  • 19 hours Which is a better domain name for OAPEC?
  • 16 hours Shale Oil will it self destruct?
Long Speculator Exodus Sinks Crude Oil

Long Speculator Exodus Sinks Crude Oil

Money managers are closing long…

The Two Most Important Catalysts For Oil

The Two Most Important Catalysts For Oil

Oil prices never stay quiet…

CenterPoint Energy To Buy Indiana-Based Vectren For $6B

Power

Houston-based CenterPoint Energy and Indiana-based Vectren said on Monday that they had agreed to merge in a US$6-billion transaction to become a leading U.S. energy delivery, infrastructure, and services company.

Under the proposed deal, approved by the boards of directors of the two companies, Vectren shareholders will receive US$72.00 in cash for each share of Vectren common stock, and CenterPoint Energy will also assume all outstanding Vectren net debt.

CenterPoint expects to fund the deal through a combination of equity and debt.

The resulting company will be named CenterPoint Energy and will have its corporate headquarters in Houston. Vectren will become a CenterPoint Energy company, while the merged company’s natural gas utilities operations and the Indiana electric operation will be headquartered in Evansville, Ind.

The parties expect the combined company to have electric and natural gas delivery operations in eight states, serving more than 7 million customers. The company will have total assets of US$29 billion and an enterprise value of US$27 billion.

The closing of the deal is subject to approval by Vectren shareholders, and approvals from the Federal Energy Regulatory Commission and Federal Communications Commission, among others.

The closing is expected by the first quarter of 2019. 

Related: Venezuelan Oil Enters The Disaster Zone

The proposed merger is the latest in a consolidation wave involving U.S. utilities after consumption in some parts of the U.S. has started to flatten.

Last month, Sempra Energy completed its US$9.45-billion acquisition of a majority stake in Texas’s Oncor Electric Delivery Company to create a utility holding company with the largest U.S. customer base.

In addition, Canada’s Hydro One is proposing to buy Spokane-based Avista Corporation in a C$6.7 billion (US$5.3 billion) all-cash deal, which has yet to clear regulatory hurdles. Public hearings in Spokane are still being held on the proposed transaction, which would go ahead if the Washington Utilities and Transportation Commission rules that it is in the best interest of Avista’s ratepayers. The deal also needs federal authorities’ approval and other public service commissions in Washington state.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play