Vistra Energy and Crius Energy Trust said Thursday Vistra will acquire Crius Energy for roughly $436 million, including the assumption of $108 million of debt.
Following the closing of the transaction, Vistra said it will be the leading residential electricity provider in the U.S., with operations in 19 states and the District of Columbia, Kallanish Energy reports.
“We are excited to announce this transaction, which will accelerate Vistra’s retail growth expansion plans via the acquisition of a high-quality electricity and natural gas retailer serving primarily residential and small business customers,” said Curt Morgan, Vistra’s president and CEO.
“The Crius Energy portfolio has a high degree of overlap with Vistra’s generation fleet and complements Vistra’s existing municipal aggregation and large commercial and industrial portfolio in the Midwest and Northeast markets.”
“We are excited to have reached an agreement with Vistra, a leading integrated power company serving approximately 2.9 million customers with more than 40 gigawatts (40,000 megawatts) of generation,” said Michael Fallquist, CEO of Crius Energy.
Vistra Energy is an integrated power company based in Irving, Texas, which operates in 12 states and serves roughly 2.9 million residential, commercial and industrial customers.
Guggenheim Securities is serving as financial advisor to Crius Energy and Bennett Jones and Baker Botts are acting as legal advisors to Crius.
RBC Capital Markets is serving as financial advisor to Vistra and Latham & Watkins is acting as legal advisor to Vistra.
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