Advertisement

Local News

News > Local News > Texas Utility Buys Vectren

Texas Utility Buys Vectren

Evansville-based company provides gas service to two-thirds of Indiana, 20 counties in Ohio

(EVANSVILLE, Ind.) - One of Indiana's biggest gas companies is getting a new owner.

Houston-based CenterPoint is buying Vectren for about $6 billion. The merger will create a $29 billion gas and electric utility with service to eight states.

Vectren serves a million gas customers in Indiana and Ohio, and supplies electricity to another 145,000 Hoosiers in southwest Indiana. The utility's gas service territory covers two-thirds of Indiana, from Huntington to its home base in Evansville.

Gerry Dick with Inside Indiana Business says the merger is unlikely to affect your gas bill. But he says the downgrade of Vectren's Evansville headquarters to a divisional office is a blow to the city and the state. He says Evansville has benefited from the company's commitment to community leadership.

The merger includes a $15 million donation from CenterPoint to the Vectren Foundation over the next five years. The foundation will remain headquartered in Evansville.

CenterPoint will pay $72 a share for Vectren. That's a nearly 10% premium over Friday's closing price.

The merger still needs approval from federal regulators and Vectren shareholders -- that's expected to take about a year.t's expected to take about a year.

(Photo: Ingram Publishing/Thinkstock)

 

 

SPEEDWAY, Ind. -- Will Power delivered Roger Penske his 17th Indianapolis 500 win Sunday. With just four laps left...
NOBLESVILLE, Ind. -- The teacher credited with stopping a school shooting at Noblesville West Middle School Friday...
BEECH GROVE, Ind. -- People living in Beech Grove can breathe a sigh of relief now that a missing 14-foot Burmese...
INDIANAPOLIS- -Two people are dead after four motorcycles and a bicycle crashed on the south side of Indianapolis...
SPEEDWAY, Ind. -- World events are what prompted some additional security measures at the Indianapolis Motor...