According to reuters, the deal between CenterPoint Energy and Vectren includes 1.45mn customers across Ohio and Indiana. At present, CenterPoint caters to customers in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas.

Vectren Chairman, president and chief executive officer Carl L. Chapman said, “With CenterPoint Energy, we’ve found the right partner to begin the next chapter for Vectren and our family of companies. They share the same core values and dedication to the communities they serve, which is evidenced by the commitments they have made to our employees, philanthropic outreach, and Evansville, Ind., our home, where CenterPoint Energy will locate the newly combined company’s natural gas utility operations headquarters.

“Together, we will be a stronger, more competitive company that will be well-positioned to continue to provide value for our stakeholders in the years to come.”  The terms of agreement state Vectren shareholders will receive US$72.00 for each share of Vectren common stock.

Scott M. Prochazka, president and chief executive officer of CenterPoint Energy said: “This merger represents a significant step toward our vision to lead the nation in delivering energy, service and value. By combining our two highly complementary companies, we are creating an energy delivery, infrastructure and services leader that will drive value for our shareholders and customers, while enhancing growth opportunities for our businesses.

“From the evolution of customer expectations to the development of innovative technologies, this is a time of extraordinary opportunity for our industry. As a combined company, we will continue to focus on a future that benefits our customers, employees, communities and shareholders.”