Vectren Merger Clears Key Hurdle
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe $6 billion merger between Texas-based CenterPoint Energy Inc. (NYSE: CNP) and Vectren Corp. (NYSE: VVC) in Evansville is one step closer to completion. The Indiana Utility Regulatory Commission has issued its final order on the deal, which CenterPoint says satisfies one of the two remaining conditions for closing the transaction.
The merger agreement was first announced in April. CenterPoint says it now awaits the final order from the Public Utilities Commission of Ohio and expects the deal to close in the first quarter of 2019.
"We appreciate the Indiana Utility Regulatory Commission’s thorough review of our pending merger," said Scott Prochazka, chief executive officer of CenterPoint. "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."
The merger has already received approvals from Vectren shareholders, the Federal Energy Regulatory Commission and the Federal Communications Commission. The combined company, which will be named CenterPoint Energy, will be headquartered in Houston and its natural gas utility operations will be headquartered in Evansville.
CenterPoint says the combined company will have approximately 14,000 employees with assets totaling $29 billion.