Electric services company Vistra Energy has successfully acquired Crius Energy Trust, one of the largest independent energy retailers in the United States, for an undisclosed amount.
The closing was green-lighted after regulatory approvals, including those from the Federal Energy Regulatory Commission, were received on July 8. Prior to that, the transaction was approved by Crius Energy unitholders at a special meeting held on March 28.
Crius Energy unitholders are entitled to receive C$8.80 ($6.75) per trust unit, according to Vistra. In addition, Crius Energy unitholders that were holders of record on March 26 will receive C$0.209 ($0.16) per unit for the distribution previously declared by Crius Energy on Jan. 16.
The Crius Energy units are expected to be delisted from the Toronto Stock Exchange as of the close of markets on July 17, with the company expected to be wound-up following the redemption of the trust units the following day.
The acquisition accelerates Vistra’s retail growth plans in the Midwest and Northeast and provides a platform for future growth in key markets, according to Curt Morgan, president and chief executive officer of Vistra.
In 2017, Crius supplied customers with more than 8.4 million MWh of electricity and more than 9.7 million MMBtu of natural gas.
