Spark Energy Inc. has acquired a retail electric provider with approximately 29,000 RCEs (residential customer equivalents) serving electricity and natural gas customers in the Northeast and Midwest. The transaction is immediately accretive to 2018 earnings and requires minimal integration.
Spark has also entered into an agreement with National Gas & Electric LLC, an affiliate of Retailco LLC, the company’s majority owner, for the acquisition of approximately 50,000 RCEs for approximately $12.5 million in cash. The transaction, which was reviewed and approved by a special committee made up of independent members of the company’s board of directors, is scheduled to close this spring.
As previously announced, Spark recently terminated the Verde Energy earn-out agreement. This transaction allowed Spark to begin integration of Verde’s operations sooner than originally anticipated, which the company believes should result in significant operational costs savings.
For more information, visit www.sparkenergy.com or call (877) 547-7275.