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.
Continue reading “Article: Vistra wraps up Crius Energy acquisition”
Vistra Energy Completes Acquisition of Crius Energy Trust
Crius Energy Trust, 15 July 2019
Vistra Energy (NYSE: VST) and Crius Energy Trust (“Crius Energy”) (TSX: KWH.UN) today announced the successful completion of the previously announced acquisition by Vistra of the business of Crius Energy. The closing of the transaction follows the overwhelming approval of the transaction by Crius Energy unitholders at the special meeting of unitholders held on March 28, 2019, and the receipt of all required regulatory approvals, including approval from the Federal Energy Regulatory Commission on July 8, 2019. As a result of the closing today, Crius Energy unitholders are entitled to receive C$8.80 per trust unit upon the redemption of such units. In addition, Crius Energy unitholders that were holders of record on March 26, 2019 will receive C$0.209 per unit for the distribution previously declared by Crius Energy on Jan. 16, 2019. The combination of these amounts results in total cash payable to Crius Energy unitholders of C$9.009 per unit. Crius Energy expects that the distribution of C$0.209 per unit will be payable today, with the transaction consideration of C$8.80 payable within three business days of today’s date. The units of Crius Energy are expected to be delisted from the Toronto Stock Exchange as of the close of markets on July 17, 2019, and Crius Energy is expected to be wound-up following the redemption of the trust units on July 18, 2019.
Continue reading “Article: Vistra Energy Completes Acquisition of Crius Energy Trust”