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Vectren shareholders approve $6B merger with Texas utility

August 28, 2018

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. Plans for the merger were announced in April.

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.

Vectren, which supplies gas or electric to more than a million customers in Indiana, ranks as the state's 13th-largest public company, with $2.4 billion in annual revenue. Its service territory covers nearly two-thirds of Indiana and about 20 percent of Ohio. Every county surrounding Marion County receives gas service from Vectren.

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

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

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