Vectren, CenterPoint Merger Complete
(Image courtesy of Vectren Corp.)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowHouston-based CenterPoint Energy Inc. (NYSE: CNP) has completed its $6 billion merger with Vectren Corp. (NYSE: VVC) in Evansville. The combined company, known as CenterPoint Energy, says it now has assets totaling $29 billion.
Plans for the merger were first announced in April. The company will remain headquartered in Houston, though its natural gas utility business and Indiana electric utility business will be headquartered in Evansville. CenterPoint Energy will also continue to trade on the New York Stock Exchange under the ticker symbol "CNP."
"Today, we come together as one company. With a greater level of business operations, resources and capabilities, we plan to execute a unified business strategy focused on the safe and reliable delivery of electricity, natural gas and energy-related services," said Scott Prochazka, chief executive officer of CenterPoint Energy. "It is a time of transformation for our industry, and I believe CenterPoint Energy will be well positioned to deliver traditional energy services with innovative solutions that meet customers’ evolving needs and expectations."
While CenterPoint did not make a specific announcement, our partners at WEHT-TV in Evansville report some Vectren employees are being laid off as a result of the merger. Carl Chapman, outgoing Vectren CEO, said in a news release the combined company will thrive in an evolving industry.
"CenterPoint Energy was the right partner for Vectren and I am confident this merger will have a positive impact on all stakeholders," said Chapman. "I sincerely thank the employees and shareholders who have been part of the Vectren journey."