July 16 (Renewables Now) - Texas-based company Vistra Energy Corp (NYSE:VST) has completed the acquisition of electricity and gas retailer Crius Energy Trust (TSE:KWH.UN), which will be delisted from the Toronto Stock Exchange tomorrow.
The parties announced the closing of the transaction on Monday. Crius Energy's unitholders will receive CAD 8.8 (USD 6.75/EUR 6) per unit this week. In addition, holders of record on March 26, 2019 are also getting a distribution of CAD 0.209 per unit, a previously declared by Crius.
The company is expected to be wound-up following the redemption of the trust units on July 18.
Crius Energy is an independent energy marketer of retail electricity, natural gas and solar products to residential and commercial customers. In its report for the first quarter of 2019, it noted that it was in the advanced stages of winding down its solar installation business known as Verengo. Total revenues for the quarter amounted to USD 296.4 million (EUR 263m), including USD 240 million in electricity revenue, USD 54.5 million from natural gas, and just USD 1.9 million from the solar business.
Over 65% of Crius’ first-quarter revenues came from operations in Massachusetts, New York, Pennsylvania and Texas.
With the completion of the acquisition, Vistra now has operations in 19 states and the District of Columbia.
“We expect this transaction to be immediately accretive to Vistra on both an EBITDA per share and a free cash flow per share basis,” said CEO Curt Morgan. He added that the buy would speed up Vistra’s retail growth plans in the Midwest and Northeast.
(CAD 1 = USD 0.77/EUR 0.68)