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September 21, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Vistra Energy will pay $50M more for Norwalk’s Crius Energy

Vistra Energy will pay $50 million more than originally planned to acquire Norwalk’s Crius Energy, in response to an unsolicited acquisition proposal from a third-party bidder that was higher than the purchase price previously agreed upon by Vistra and Crius.

In the new deal, Irving, Texas-based Vistra will pay $378 million to buy Crius, which owns several brands that sell power in Texas including TriEagle Energy, Energy Rewards and Viridian Energy. Vistra will still assume Crius Energy’s debt of $108 million, which was part of the original agreement.

Crius Board of Directors Chairman Brian Burden said that the revised Vistra price is higher than the unnamed third party’s offer and that the board unanimously approved the new agreement.