Business

Vectren shareholders approve merger into CenterPoint

Posted August 28, 2018 7:00 am

The Associated Press

EVANSVILLE, Ind. (AP) - Vectren Corp. shareholders have approved the company's proposed merger into CenterPoint Energy Inc.

Evansville-based Vectren said Tuesday the $6 billion merger was supported by nearly 62 percent of outstanding common shares entitled to vote, or more than 95 percent of the shares that were voted.

The combined company would serve more than 7 million gas and electricity customers in eight states and hold about $29 billion in assets. CenterPoint will pay $72 per share cash for Vectren and assume its debt.

Houston-based CenterPoint has natural gas operations in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas and delivers electricity in the Houston area. Vectren provides natural gas in Indiana and Ohio and electricity in southwestern Indiana.

The merger remains subject to final regulatory approvals. It's expected to close in early 2019.

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