CenterPoint Energy has agreed to sell Miller Pipeline and Minnesota Ltd. (collectively, MVerge) to PowerTeam Services, an integrated infrastructure services provider, for $850 million in cash. According to CenterPoint, the net proceeds of the sale will be used to repay a portion of outstanding CenterPoint Energy debt.
“The sale is a key achievement in our ongoing strategic focus to strengthen our balance sheet and improve our business risk profile and earnings quality pursuant to increased relative contribution of our core utility businesses,” said Scott Prochazka, president and CEO of CenterPoint Energy. “Post transaction, we expect our utility earnings contribution to increase to greater than 80 percent over the next few years.”
Indianapolis-based Miller Pipeline and Minnesota Ltd., natural gas distribution and transmission pipeline contractors, represent CenterPoint Energy’s infrastructure services business segment. In 2019, both Miller Pipeline and Minnes
