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August 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Texas firm completes $378 million acquisition of Norwalk’s Crius Energy

Irving, Texas-based Vistra Energy has completed its $378 million acquisition of Norwalk’s Crius Energy Trust, and agreed to assume Crius’ debt of $108 million.

Crius – which owns a number of brands that sell power in Texas, including TriEagle Energy, Energy Rewards and Viridian Energy – and Vistra agreed to the deal in February.

Crius Energy will be delisted from the Toronto Stock Exchange at the end of today.

“We expect this transaction to be immediately accretive to Vistra on both an EBITDA per share and a free cash flow per share basis,” Vistra President and CEO Curt Morgan said. “The acquisition also accelerates our retail growth plans in the Midwest and Northeast and provides a platform for future growth in key markets where we have complementary generation.”

Operating in 20 states and the District of Columbia, Vistra is one of the largest residential electricity providers in the country, with its retail brands serving approximately 3.7 million residential, commercial, and industrial customers with electricity and gas.