NEW YORK (AP) — CenterPoint Energy Inc. is paying just under $6 billion for rival Vectren in a move that will expand the utility operator’s reach.
The combined company will serve more than 7 million gas and electricity customers in eight states and will hold about $29 billion in assets. CenterPoint will pay $72 per share cash for Vectren and assume the company’s debt.
Houston-based CenterPoint has natural gas operations in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. It has delivers electricity in the Houston area. It currently employs nearly 8,000 people.
Evansville, Indiana-based Vectren Corp. provides natural gas in Indiana and Ohio, along with electricity in Indiana. It employs about 5,500 people.
Most Read Business Stories
- 5 takeaways from Seattle’s red-hot 2021 housing market, and the year's priciest sales
- 'Our city's not dead yet': PCC opening highlights promise of, and challenges to, downtown Seattle's recovery
- London-bound jet returns to Miami over maskless passenger
- Restaurant workers go 'missing' again from Washington's job recovery
- Fred Meyer, QFC workers struggle in Washington to make ends meet, new report shows
The deal is expected to close in the first quarter of 2019.