Vistra wraps up Crius Energy acquisition
Renewables Now, 16 July 2019
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.
