Calpine Corp. (CPN) and Champion Energy Marketing, LLC, announced that they have entered into an agreement for Calpine to purchase Champion for $240 million, subject to working capital adjustments.
Based in Houston, Champion is expected to serve about 22 TWh of residential, commercial and industrial customer load in 2015, concentrated in Texas and the Northeast U.S. where Calpine has a substantial power generation presence.
Champion will continue to operate under the Champion brand after the transaction closes. Champion's customers will experience no disruption to service as a result of the transaction, and all existing customer contracts will be honored. David Tudor, Champion's President and Chief Executive Officer, will remain in his leadership role at Champion, preserving continuity of customer care while continuing to advance growth efforts, the company noted.
Calpine further said it will acquire the business from Champion Energy Holdings, a subsidiary of Crane Holding Companies, which owns a 75% interest, and EDF Trading North America, which owns a 25% interest. Calpine intends to fund the acquisition with cash on hand. The transaction, which is expected to close by the fourth quarter of 2015, is subject to customary closing conditions and approval from the Federal Energy Regulatory Commission.
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