Vectren Name Will Remain After Merger
(EVANSVILLE, Ind.) - Vectren and its new owner say a shared vision led to their $6 billion merger.
Houston-based CenterPoint will take over Vectren early next year, assuming federal regulators approve. CenterPoint CEO Scott Prochazka says the two companies have been pursuing similar goals in "smart energy," with billions of dollars in planned technology investments to give customers more options and integrate different energy systems. And Prochazka says Vectren's non-utility operations in building and repairing pipelines are a good fit for CenterPoint's gas supply division.
Prochazka and Vectren CEO Carl Chapman held a conference call for investors, a day after announcing the deal.
Prochazka will be the CEO of the new combined company. He says the Indiana and Ohio operations will still use the Vectren name, but the company will be a CenterPoint subsidiary. Its Evansville headquarters will become a division headquarters, but Prochazka says the company will remain active in the Evansville community.
Vectren serves a million Indiana customers across two thirds of the state, stretching from Evansville to Huntington.
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