Houston-based CenterPoint Energy has closed its previously announced sale of Miller Pipeline and Minnesota Ltd. (collectively, MVerge) to PowerTeam Services for $850 million in cash.
John Somerhalder II, interim president and CEO of CenterPoint Energy, said the deal represents a significant step in driving the strategy of growing its core utility operations.
CenterPoint disclosed that proceeds of the sale will be used to repay a portion of outstanding CenterPoint Energy debt.
CenterPoint Energy is an energy delivery company with regulated utility businesses in eight states and a competitive energy-business footprint in more than 30 states.
As of Dec. 31, 2019, the company owns nearly $35 billion in assets and also owns 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructu
