CenterPoint, Vectren complete merger

CenterPoint, Vectren complete merger

EVANSVILLE, IN (WFIE) - The merger of Centerpoint Energy and Vectren is now complete.

“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 M. Prochazka, president and 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.”

CenterPoint Energy is headquartered in Houston and has regulated electric and natural gas utility businesses in eight states that serve more than seven-million metered customers and a competitive energy businesses' footprint in nearly 40 states.

We’ve heard from Vectren employees who were let go on Friday. Employees tell us they were given severance pay.

There were several Evansville Police cars in the parking lot.

Vectren employee layoffs underway

As we reported Thursday, the Public Utilities Commission of Ohio approved the merger.

The Commission attached several conditions to ensure that Vectren customers will not pay any of the transaction costs related to the merger. Vectren officials say the roughly $6 billion dollar deal will be complete over the next few days.

Shareholders approved the merger in August.

A WARN notice has not been filed with the state.

Companies are not required to file a WARN notice, unless it’s either an entire shut down, or if one-third of the company is laid off.

We’ve reached out to Vectren and Centerpoint Energy officials for comment.

Under the terms of the merger agreement, which was announced on April 23, 2018, Vectren shareholders will receive $72.00, along with a prorated dividend of $0.41145, in cash for each share of Vectren common stock owned as of the close of business on Feb. 1, 2019.

Additionally, Vectren common stock, which previously traded under the ticker symbol “VVC,” has ceased trading on and was delisted from the NYSE effective immediately.

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