Vectren Merger Moving Forward
The $6 billion merger of Evansville-based Vectren Corp. (NYSE: VVC) and CenterPoint Energy Inc. (NYSE: CNP) in Texas has cleared a key hurdle. The Federal Trade Commission has granted early termination of the waiting period required under the Hart-Scott-Rodino Act.
The waiting period typically lasts 30 days after the FTC and the Assistant Attorney General in charge of the Antitrust Division of the Department of Justice is notified of the deal, according to the FTC. Vectren says the termination of the waiting period satisfies one of the many conditions necessary to closing the deal.
Vectren and CenterPoint first announced the merger in April. The deal has already been approved by the boards of directors of both companies and, when completed, Vectren shareholders will receive $72 per share while CenterPoint will assume Vectren’s debt. The natural gas utility operations of the combined company will be headquartered in Evansville.
Vectren says the merger still requires a number of approvals, including from Vectren shareholders and various regulatory commissions such as the Federal Energy Regulatory Commission and Federal Communications Commission. The deal is expected to close in the first quarter of 2019.