Vectren Updates Merger Situation, Details Earnings

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EVANSVILLE -

Evansville-based Vectren Corp. (NYSE: VVC) says its planned $6 billion merger with CenterPoint Energy Inc. (NYSE: CNP) of Texas remains on-track to wrap-up early next year. In a quarterly earnings filing, the utility says it took on more than $15 million in charges during Q2 related to the deal. Vectren is reporting second quarter net income of $22.2 million, compared to $37.6 million during the same period a year earlier.

Chief Executive Officer Carl Chapman says "our ongoing operating results are on track to meet expectations for the year and we are affirming our 2018 guidance. Our Utility Group results reflect the ongoing investment in our gas infrastructure programs in both Indiana and Ohio that continue to drive growth for the business. Our Nonutility Group continues to perform very well with strong demand continuing for both the Infrastructure Services and Energy Services businesses."

The Vectren and CenterPoint merger was announced in April and has received approval from both boards of directors, as well as a recent exemption from a key waiting period. If completed as planned,  The deal has already been approved by the boards of directors of both companies and when completed, Vectren says the resulting company will have its natural gas utility operations headquartered in Evansville. The company still has state and federal regulatory hurdles to clear, as well as seven lawsuits from purported shareholders to deal with that it says involve complaints that are "without merit."

Vectren re-affirmed its full-year consolidated earnings guidance range of $2.80 to $2.90 per share. You can connect to the second quarter earnings report by clicking here.

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