logo
  

CenterPoint To Sell Arkansas And Oklahoma Natural Gas LDC Businesses In $2.15 Bln Cash Deal

Texas-based electric and gas utility CenterPoint Energy Inc. (CNP) announced Thursday the sale of its Arkansas and Oklahoma natural gas LDC assets to Summit Utilities for $2.150 billion in cash.

The consideration includes recovery of around $425 million in cash of unrecovered storm-related incremental natural gas costs incurred in February 2021, subject to true-up at transaction close.

The proceeds will be $1.725 billion in cash, after recovery of approximately $425 million in cash unrecovered storm costs.

The sale is anticipated to close by the end of 2021, subject to customary closing conditions, including Hart-Scott Rodino antitrust clearance and state regulatory approvals.

The divesting assets include approximately 17,000 miles of main pipeline in Arkansas, Oklahoma, and Texarkana serving more than half a million customers residing in high-quality regulatory jurisdictions.

In the deal, J.P. Morgan Securities LLC. and RBC Capital Markets, LLC. served as CenterPoint Energy's financial advisors.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pittsburgh, Pennsylvania -based Thorley Industries, LLC, d.b.a. 4Moms is recalling more than 2 million MamaRoo swings and RockaRoo rockers citing entanglement and strangulation risks, the U.S. Consumer Product Safety Commission said. The recall was initiated after 4moms received two reports of entanglement incidents, including one death. Retail giant Walmart is partnering with media major Paramount Global to offer Paramount+ Essential subscription to Walmart+ members at no extra cost. Starting in September, Walmart+ members will be able to stream premium entertainment as part of their membership with Paramount+, a direct-to-consumer digital subscription video on-demand and live streaming service. Fifth Season is recalling a limited amount of its branded Crunchy Sesame Salad Kits due to undeclared milk and egg, known allergens, the U.S. Food and Drug Administration said. The recall involves Fifth Season branded Crunchy Sesame Salad Kit with UPC Code: 52070008147 and Best By Date of 16-AUG-2022 and 15-AUG-2022.
RELATED NEWS
Follow RTT