CenterPoint Energy and Vectren Merger Receives Final Order from the Indiana Utility Regulatory Commission

Source Press Release
Company CenterPoint Energy, Inc. 
Tags Corporate Deals, Deals, Power, Refining & Marketing Activities
Date January 16, 2019

Pending merger on target to close in the first quarter of 2019

CenterPoint Energy, Inc. (NYSE: CNP) and Vectren Corporation (NYSE: VVC) today announced that they have received a final order from the Indiana Utility Regulatory Commission (IURC). The order concludes the IURC's proceeding on the pending merger. Subject to the satisfaction or waiver of the remaining order with the Public Utilities Commission of Ohio (PUCO), the merger is expected to close in the first quarter of 2019.

"We appreciate the Indiana Utility Regulatory Commission's thorough review of our pending merger," said CenterPoint Energy President and Chief Executive Officer Scott M. Prochazka. "The final order marks a key milestone in creating a combined company that will be well positioned to meet our customers' energy delivery needs through a combination of traditional and innovative solutions."

Under a merger agreement announced in April 2018, the combined company, which will be named CenterPoint Energy and headquartered in Houston, is expected to have regulated electric and natural gas utility businesses in eight states that serve more than 7 million metered customers and a competitive energy businesses footprint in nearly 40 states. The combined company will also have approximately 14,000 employees with assets totaling approximately $29 billion and an enterprise value of $27 billion.

The IURC's final order satisfies one of the two remaining conditions for the closing of the transaction. The pending merger has already received Vectrenshareholder approval and approvals from the Federal Energy Regulatory Commission and Federal Communications Commission. It has also cleared the Hart-Scott-Rodino waiting period. The remaining condition is the issuance of an order by the PUCO in response to the companies' joint informational filing with respect to the merger.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd