IRVING, Texas and TORONTO, July 15, 2019 /PRNewswire/ -- Vistra Energy (NYSE: VST) and Crius Energy Trust ("Crius Energy") (TSX: KWH.UN) today announced the successful completion of the previously announced acquisition by Vistra of the business of Crius Energy. The closing of the transaction follows the overwhelming approval of the transaction by Crius Energy unitholders at the special meeting of unitholders held on March 28, 2019, and the receipt of all required regulatory approvals, including approval from the Federal Energy Regulatory Commission on July 8, 2019. As a result of the closing today, Crius Energy unitholders are entitled to receive C$8.80 per trust unit upon the redemption of such units. In addition, Crius Energy unitholders that were holders of record on March 26, 2019 will receive C$0.209 per unit for the distribution previously declared by Crius Energy on Jan. 16, 2019. The combination of these amounts results in total cash payable to Crius Energy unitholders of C$9.009 per unit. Crius Energy expects that the distribution of C$0.209 per unit will be payable today, with the transaction consideration of C$8.80 payable within three business days of today's date. The units of Crius Energy are expected to be delisted from the Toronto Stock Exchange as of the close of markets on July 17, 2019, and Crius Energy is expected to be wound-up following the redemption of the trust units on July 18, 2019.
"We are excited to welcome the Crius Energy team and brands into our company," Vistra's President and Chief Executive Officer Curt Morgan commented. "We expect this transaction to be immediately accretive to Vistra on both an EBITDA per share and a free cash flow per share basis. The acquisition also accelerates our retail growth plans in the Midwest and Northeast and provides a platform for future growth in key markets where we have complementary generation."
Vistra's retail brands now serve approximately 3.7 million customers and 80 TWh of retail load annually across 19 states and the District of Columbia.
Media
Meranda Cohn
214-875-8004
Media.Relations@vistraenergy.com
Analysts
Molly Sorg
214-812-0046
Investor@vistraenergy.com
About Vistra Energy
Vistra Energy (NYSE: VST) is a premier, integrated energy company based in Irving, Texas, combining an innovative, customer-centric approach to retail with a focus on safe, reliable, and efficient power generation. Through its retail and generation businesses, Vistra operates in 20 states and the District of Columbia, and six of the seven competitive markets in the U.S., with about 5,400 employees. Vistra is one of the largest competitive residential electricity providers in the country, and its retail brands serve approximately 3.7 million residential, commercial, and industrial customers with electricity and gas. The company's generation fleet totals approximately 41,000 megawatts of highly efficient generation capacity, with a diverse portfolio of natural gas, nuclear, coal, solar, and battery storage facilities. The company is currently developing the largest battery energy storage system of its kind in the world – a 300-MW/1,200-MWh system in Moss Landing, California.
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Energy Corp. ("Vistra Energy") operates and beliefs of and assumptions made by Vistra Energy's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra Energy. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to, "intends," "plans," "will likely," "unlikely," "believe," "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "forecast," "goal," "objective," "guidance" and "outlook"),are forward-looking statements. . Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra Energy believes that in making any such forward-looking statement, Vistra Energy's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including but not limited to (i) adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations; (ii) the ability of Vistra Energy to execute upon its contemplated strategic and performance initiatives and to successfully integrate acquired businesses ; (iii) actions by credit ratings agencies and (iv) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by Vistra Energy from time to time, including the uncertainties and risks discussed in the sections entitled "Risk Factors" and "Forward-Looking Statements" in Vistra Energy's annual report on Form 10-K for the year ended December 31, 2018 and any subsequently filed quarterly reports on Form 10-Q.
Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, Vistra Energy will not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra Energy assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
View original content:http://www.prnewswire.com/news-releases/vistra-energy-completes-acquisition-of-crius-energy-trust-300884534.html
SOURCE Vistra Energy
IRVING, Texas, Feb. 20, 2019 /PRNewswire/ -- Vistra Energy (NYSE: VST) and Crius Energy Trust (TSX: KWH.UN) have entered into an amendment to their existing purchase agreement pursuant to which Vistra has agreed to increase its acquisition price for Crius Energy such that unitholders of Crius Energy will now receive C$8.80 per trust unit, an increase of C$1.23 per trust unit from the parties' prior agreement. The purchase price is in addition to Crius Energy's previously-declared C$0.209 per unit distribution for the first quarter of 2019.
Vistra and Crius Energy negotiated the amendment in response to the receipt by the Crius Energy Board of Directors of an unsolicited acquisition proposal from a third party bidder dated Feb. 14, 2019 that was higher than the purchase price previously agreed by Vistra and Crius Energy. Vistra's management and Board of Directors carefully reviewed the terms of the third party acquisition proposal and determined that the Crius Energy transaction remained attractive and accretive at the new price of C$8.80 per trust unit, or approximately US$378 million plus the assumption of Crius Energy net debt of approximately US$108 million.
Curt Morgan, Vistra's president and chief executive officer, stated, "Vistra's decision to increase the purchase price for the Crius Energy portfolio came after a careful evaluation of the economics of the transaction. At a purchase price of approximately 4x EV/EBITDA, this transaction is still projected to be EBITDA and free cash flow accretive and to exceed Vistra's investment threshold of 500-600 basis points above our cost of capital, while not interfering with Vistra's previously announced capital allocation and deleveraging plans."
Morgan added, "Since we first announced the transaction with Crius Energy on Feb. 7, our teams have had the opportunity to continue diligence work, which has only reinforced Vistra's confidence in the strategic and cultural fit of the two organizations, as well as our ability to achieve the synergy targets we previously announced. As a result, the Vistra management team and Board of Directors agreed it would be in the best interest of Vistra and its shareholders to pursue the Crius Energy transaction at a higher price, enabling Vistra to acquire this attractive platform while still remaining disciplined on the overall deal economics."
Brian Burden, chairman of Crius Energy's Board of Directors, commented, "After receiving an unsolicited third-party acquisition proposal reflecting a higher per-unit purchase price for Crius Energy, the Crius Energy management team and Board of Directors advised Vistra of the proposal, which led to subsequent discussions. Following these discussions, our Board unanimously approved the amendment to the purchase agreement, which reflects an increase in proceeds to Crius Energy unitholders of more than C$1 per unit, which is higher than the unsolicited third-party acquisition proposal received by the Board. At an approximately 60 percent premium to Crius Energy's unit price as of market close on Feb. 6, 2019, we believe the proposed transaction with Vistra, as amended, is in the best interest of the Crius Energy unitholders, customers, and employees, and Crius Energy's Independent Directors and Board unanimously support the transaction."
Transaction Highlights
Transaction and Approvals
The definitive agreement (as amended) includes customary deal protections, including non-solicitation covenants, the right of Vistra to match any competing proposals, and the payment of a termination fee to Vistra under certain circumstances. In the amendment, in consideration for the increased purchase price, the parties agreed to increase the termination fee payable to Vistra under the agreement to C$25.1 million from C$10.4 million, together with a corresponding increase in the reverse termination fee payable to Crius Energy under the agreement.
In addition to the C$8.80 per trust unit to be received by Crius Energy unitholders under the proposed transaction, Crius Energy unitholders will also continue to be entitled to receive Crius Energy's C$0.209 per unit distribution for the first quarter of 2019 previously declared on Jan. 16, 2019, resulting in total consideration in the amount of C$9.009 per unit. The declared distribution was amended on Feb. 15, 2019 such that (a) the distribution record date will be Mar. 26, 2019, and (b) the distribution payment date will be the earlier of June 17, 2019 and the closing date of the transaction. Under the definitive agreement, Crius Energy has agreed not to declare any further distributions prior to the closing.
The proposed transaction is subject to the approval of at least two-thirds of Crius Energy's unitholders voting at the special unitholder meeting scheduled for March 28, 2019. Unitholders of Crius Energy representing approximately 17 percent of the units, including all of the directors and senior officers of Crius Energy, previously entered into voting and support agreements with Vistra in support of the transaction (including as amended).
In addition to satisfying the closing conditions and consents customary for a transaction of this nature, the transaction is also subject to applicable regulatory approvals, including the expiration or termination of any applicable waiting period under the United States Hart-Scott-Rodino Antitrust (HSR) Improvements Act, and approval by the Federal Energy Regulatory Commission (FERC). Vistra and Crius Energy made the HSR and FERC filings on Feb. 19, 2019.
Pending the receipt of all necessary approvals and the fulfillment of all other customary closing conditions, the parties expect the transaction to close in the second quarter of 2019.
Additional Information
Vistra has posted a presentation with additional details of the transaction on the investor relations section of its website at www.vistraenergy.com.
Crius Energy will include the full details of the transaction in a management information circular describing the matters that will be considered at the special meeting of Crius Energy's unitholders, which is expected to be mailed in early March 2019. A copy of the definitive agreement has been, and a copy of the amendment will be, made available on SEDAR under Crius Energy's issuer profile at www.sedar.com.
Crius Energy Board Recommendation
Crius Energy's Board of Directors, on the unanimous recommendation of its Independent Directors, approved the transaction and the related amendment, and will recommend that Crius Energy's unitholders vote in favor of the transaction. The Board received a fairness opinion from Guggenheim Securities LLC determining that, based upon and subject to the assumptions, limitations, and qualifications stated in the opinion, the revised per unit consideration to be received by Crius Energy's unitholders under the transaction is fair, from a financial point of view, to the unitholders.
A copy of the fairness opinion, which should be read carefully and in its entirety, and other relevant background information, will be included in the management information circular that will be mailed to Crius Energy's unitholders in connection with the special meeting.
Advisors
Guggenheim Securities LLC is serving as financial advisor to Crius Energy and Bennett Jones LLP and Baker Botts LLP are serving as legal advisors to Crius Energy.
RBC Capital Markets is serving as financial advisor to Vistra and Latham & Watkins, LLP is serving as legal advisor to Vistra.
Company Contacts:
Allan Koenig
Vistra Media
214-875-8004
Media.Relations@vistraenergy.com
Molly Sorg
Vistra Investor Relations
214-812-0046
Investor@vistraenergy.com
Michael Fallquist
Crius Energy Chief Executive Officer
mfallquist@criusenergy.com
(203) 663-7545
Roop Bhullar
Crius Energy Chief Financial Officer
rbhullar@criusenergy.com
(203) 883-9900
Kelly Castledine
Crius Energy Investor Relations
kcastledine@criusenergy.com
(416) 644-1753
About Vistra Energy
Vistra Energy (NYSE: VST) is a premier, integrated power company based in Irving, Texas, combining an innovative, customer-centric approach to retail with a focus on safe, reliable, and efficient power generation. Through its retail and generation businesses which include TXU Energy, Homefield Energy, Dynegy, and Luminant, Vistra operates in 12 states and six of the seven competitive markets in the U.S., with about 5,400 employees. Vistra's retail brands serve approximately 2.9 million residential, commercial, and industrial customers across five top retail states, and its generation fleet totals approximately 41,000 megawatts of highly efficient generation capacity, with a diverse portfolio of natural gas, nuclear, coal, solar and battery storage facilities. The company is currently developing the largest battery energy storage system of its kind in the world – a 300-MW/1,200-MWh system in Moss Landing, California.
About Crius Energy Trust
With approximately 1 million residential customer equivalents, Crius Energy provides competitive electricity and natural gas products to residential and commercial customers in 19 states and the District of Columbia in the United States. The Company sells energy products through a family of brands strategy utilizing a multi-channel sales approach including exclusive partnerships, direct-to-consumer channels, and broker marketing channels. Crius Energy offers consumers a broad suite of energy products and services including fixed and variable contracts, renewable energy, and bundled products to support their energy needs beyond what is offered by their local utility.
Cautionary Note Regarding Forward-Looking Statements
Material information pertaining to Crius Energy may be found on SEDAR under the Trust's issuer profile at www.sedar.com or on the Trust's website at www.criusenergytrust.ca.
The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Energy Corp. ("Vistra Energy") and Crius Energy Trust ("Crius Energy") operate and beliefs of and assumptions made by Vistra Energy's and Crius Energy's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra Energy or Crius Energy. The definitive agreement contains conditions to closing and there is no assurance that these conditions will be fulfilled prior to the outside date provided therein. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to, "intends," "plans," "will likely," "unlikely," "believe," "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "forecast," "goal," "objective," "guidance" and "outlook"), are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra Energy and Crius Energy believe that in making any such forward-looking statement, Vistra Energy's and Crius Energy's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including but not limited to adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations and the ability of the parties to achieve all of the conditions to the closing in order to consummate the transaction (including obtaining any necessary regulatory approvals and Crius Energy unitholder approval for the transaction).
Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, neither Vistra Energy nor Crius Energy will undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra Energy or Crius Energy assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
SOURCE Vistra Energy
IRVING, Texas, Feb. 7, 2019 /PRNewswire/ -- Today, Vistra Energy (NYSE: VST) and Crius Energy Trust (TSX: KWH.UN) announced they have entered into a definitive agreement pursuant to which Vistra will acquire Crius Energy for cash consideration of C$7.57 per trust unit. Following the closing of the transaction, Vistra will be the leading residential electricity provider in the nation with operations in 19 states and the District of Columbia.
"We are excited to announce this transaction, which will accelerate Vistra's retail growth expansion plans via the acquisition of a high-quality electricity and gas retailer serving primarily residential and small business customers," said Curt Morgan, Vistra's President and Chief Executive Officer. "The Crius Energy portfolio has a high degree of overlap with Vistra's generation fleet and complements Vistra's existing municipal aggregation and large commercial and industrial portfolio in the Midwest and Northeast markets. We welcome the Crius Energy team to the Vistra family."
Morgan added, "This transaction is consistent with Vistra's stated strategy to grow our retail business at attractive multiples while remaining committed to our capital allocation and deleveraging plans."
The announcement of this transaction follows a competitive strategic review process led and unanimously recommended by the Independent Directors of Crius Energy, and unanimously approved by Crius Energy's Board of Directors.
"We are pleased to announce this transaction and are confident that it is in the best interests of our unitholders and other stakeholders," said Brian Burden, Chairman of Crius Energy's Board of Directors. "This transaction is the result of an exhaustive review of strategic alternatives undertaken by our Board of Directors, with the assistance of outside advisors, to maximize unitholder value and unlock the company's intrinsic value, while eliminating execution risk. We are confident that this transaction represents the best outcome for our unitholders and other stakeholders and look forward to completing the transaction."
The purchase price of C$7.57 per unit represents an approximately 38 percent premium to Crius Energy's unit price of C$5.48 as of market close on Feb. 6, 2019. In addition to the purchase price, Crius Energy unitholders will receive Crius Energy's previously-declared distribution for the first quarter of 2019 in the amount of C$0.209 per unit for total consideration in the amount of C$7.779 per unit. Under the definitive agreement, Crius Energy has agreed not to declare any further distributions prior to the closing.
"We are excited to have reached an agreement with Vistra, a leading integrated power company serving approximately 2.9 million customers with more than 40 GW of generation," said Michael Fallquist, Chief Executive Officer of Crius Energy. "Partnered with Vistra, Crius Energy will be well-positioned to continue providing our customers and strategic partners with differentiated products and services."
Transaction Highlights
Transaction and Approvals
The proposed transaction has been structured as a sale of two wholly owned subsidiaries of Crius Energy that indirectly own the Crius Energy business. The definitive agreement includes customary deal protections, including non-solicitation covenants, the right of Vistra to match any competing proposals, and the payment of a termination fee to Vistra under certain circumstances.
The proposed transaction is subject to the approval of at least two-thirds of Crius Energy's unitholders. Unitholders of Crius Energy representing approximately 17 percent of the units, including all of the directors and senior officers of Crius Energy, have entered into voting and support agreements with Vistra in support of the transaction.
In addition to satisfying the closing conditions and consents customary for a transaction of this nature, the transaction is also subject to applicable regulatory approvals, including the expiration or termination of any applicable waiting period under the United States Hart-Scott-Rodino Antitrust Improvements Act, and approval by the Federal Energy Regulatory Commission (FERC).
Pending the receipt of all necessary approvals and the fulfillment of all other customary closing conditions, the parties expect the transaction to close in the second quarter of 2019.
Additional Information
Vistra has posted a presentation with additional details of the transaction on the investor relations section of its website at www.vistraenergy.com.
Crius Energy will include the full details of the transaction in a management information circular describing the matters that will be considered at the special meeting of Crius Energy's unitholders, which is expected to be mailed in early March 2019. A copy of the definitive agreement will also be made available on SEDAR under Crius Energy's issuer profile at www.sedar.com.
Crius Energy Board Recommendation
Crius Energy's Board of Directors, on the unanimous recommendation of its Independent Directors, approved the transaction and will recommend that Crius Energy's unitholders vote in favor of the transaction. The Board received a fairness opinion from Guggenheim Securities LLC determining that, based upon and subject to the assumptions, limitations, and qualifications stated in the opinion, the per unit consideration to be received by Crius Energy's unitholders under the transaction is fair, from a financial point of view, to the unitholders.
A copy of the fairness opinion, which should be read carefully and in its entirety, and other relevant background information, will be included in the management information circular that will be mailed to Crius Energy's unitholders in connection with the special meeting.
Advisors
Guggenheim Securities LLC is serving as financial advisor to Crius Energy and Bennett Jones LLP and Baker Botts LLP are serving as legal advisors to Crius Energy.
RBC Capital Markets is serving as financial advisor to Vistra and Latham & Watkins, LLP is serving as legal advisor to Vistra.
Company Contacts:
Allan Koenig
Vistra Media
214-875-8004
Media.Relations@vistraenergy.com
Molly Sorg
Vistra Investor Relations
214-812-0046
Investor@vistraenergy.com
Michael Fallquist
Crius Energy Chief Executive Officer
mfallquist@criusenergy.com
(203) 663-7545
Roop Bhullar
Crius Energy Chief Financial Officer
rbhullar@criusenergy.com
(203) 883-9900
Kelly Castledine
Crius Energy Investor Relations
kcastledine@criusenergy.com
(416) 644-1753
About Vistra Energy
Vistra Energy (NYSE: VST) is a premier, integrated power company based in Irving, Texas, combining an innovative, customer-centric approach to retail with a focus on safe, reliable, and efficient power generation. Through its retail and generation businesses which include TXU Energy, Homefield Energy, Dynegy, and Luminant, Vistra operates in 12 states and six of the seven competitive markets in the U.S., with about 5,400 employees. Vistra's retail brands serve approximately 2.9 million residential, commercial, and industrial customers across five top retail states, and its generation fleet totals approximately 41,000 megawatts of highly efficient generation capacity, with a diverse portfolio of natural gas, nuclear, coal, solar and battery storage facilities. The company is currently developing the largest battery energy storage system of its kind in the world – a 300-MW/1,200-MWh system in Moss Landing, California.
About Crius Energy Trust
With approximately 1 million residential customer equivalents, Crius Energy provides competitive electricity and natural gas products to residential and commercial customers in 19 states and the District of Columbia in the United States. The Company sells energy products through a family of brands strategy utilizing a multi-channel sales approach including exclusive partnerships, direct-to-consumer channels, and broker marketing channels. Crius Energy offers consumers a broad suite of energy products and services including fixed and variable contracts, renewable energy, and bundled products to support their energy needs beyond what is offered by their local utility.
Cautionary Note Regarding Forward-Looking Statements
Material information pertaining to Crius Energy may be found on SEDAR under the Trust's issuer profile at www.sedar.com or on the Trust's website at www.criusenergytrust.ca.
The information presented herein includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which Vistra Energy Corp. ("Vistra Energy") and Crius Energy Trust ("Crius Energy") operate and beliefs of and assumptions made by Vistra Energy's and Crius Energy's management, involve risks and uncertainties, which are difficult to predict and are not guarantees of future performance, that could significantly affect the financial results of Vistra Energy or Crius Energy. The definitive agreement contains conditions to closing and there is no assurance that these conditions will be fulfilled prior to the outside date provided therein. All statements, other than statements of historical facts, that are presented herein, or in response to questions or otherwise, that address activities, events or developments that may occur in the future, including such matters as activities related to our financial or operational projections, projected synergy, value lever and net debt targets, capital allocation, capital expenditures, liquidity, projected Adjusted EBITDA to free cash flow conversion rate, dividend policy, business strategy, competitive strengths, goals, future acquisitions or dispositions, development or operation of power generation assets, market and industry developments and the growth of our businesses and operations (often, but not always, through the use of words or phrases, or the negative variations of those words or other comparable words of a future or forward-looking nature, including, but not limited to, "intends," "plans," "will likely," "unlikely," "believe," "expect," "seek," "anticipate," "estimate," "continue," "will," "shall," "should," "could," "may," "might," "predict," "project," "forecast," "target," "potential," "forecast," "goal," "objective," "guidance" and "outlook"), are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Although Vistra Energy and Crius Energy believe that in making any such forward-looking statement, Vistra Energy's and Crius Energy's expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and risks that could cause results to differ materially from those projected in or implied by any such forward-looking statement, including but not limited to adverse changes in general economic or market conditions (including changes in interest rates) or changes in political conditions or federal or state laws and regulations and the ability of the parties to achieve all of the conditions to the closing in order to consummate the transaction (including obtaining any necessary regulatory approvals and Crius Energy unitholder approval for the transaction).
Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, neither Vistra Energy nor Crius Energy will undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can Vistra Energy or Crius Energy assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
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SOURCE Vistra Energy
Winners To Receive Free Energy In 2017 As Crius Says Thanks To Those Who Helped Company Reach The 1 Million Customer Milestone
NORWALK, CT, Dec. 1, 2016 /PRNewswire/ - Crius Energy, one of the largest independent energy retailers in the United States, today announced its first cross-brand promotion, designed to celebrate the company's one millionth customer milestone. Since 2009, Crius has grown from a single green energy brand to a holistic provider of solar energy, natural gas, electricity and energy-efficient product solutions. Through the Crius "Charge to One Million Customers" sweepstakes, residential electricity and/or natural gas supply customers will have the chance to win one of over thirty $500 energy bill credits in 2017. Winners will be selected at random in early February 2017 from across the Crius family of energy brands, which includes: Cincinnati Bell Energy, Comcast Energy Rewards, FairPoint Energy, Public Power, TriEagle Energy and Viridian Energy.
(Photo: http://photos.prnewswire.com/prnh/20161130/444344)
"Crius is excited to say 'thanks a million' to the customers who helped our company reach this significant point in our history," said Chaitu Parikh, Chief Operating Officer. "Crius Energy has grown dramatically over the past seven years to become a publicly traded, international company, and we truly appreciate the opportunity to provide every one of our nearly one million customers with real value through innovative energy options."
The sweepstakes is open to residents of the following markets where Crius Energy does business: California, Connecticut, Delaware, Illinois, Indiana, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, Ohio, Pennsylvania, Rhode Island, Texas, Virginia and the District of Columbia. All randomly selected winners will receive a bill credit in the amount of $500 – or approximately half of the average annual residential energy supply bill according to data from the U.S. Energy Information Administration: http://www.eia.gov/electricity/sales_revenue_price/pdf/table5_a.pdf
About the "Charge to One Million Customers" Sweepstakes
No purchase necessary. Void where prohibited. "One million customers" refers to Residential Customer Equivalents or RCEs. An RCE is a unit of measure used by the energy industry to denote the typical annual commodity consumption by a single-family residential customer. A single RCE represents 100 MMBtu of natural gas or 10 MWh of electricity. Sweepstakes is open to customers in good standing, 18 years of age or older as of 2/1/17. Restrictions apply. Visit http://www.criusenergy.com/chargeto1m for official rules and complete details.
About Crius Energy
With more than 960,000 residential customer equivalents, Crius Energy is a comprehensive energy solutions partner that provides electricity, natural gas and solar products to residential and commercial customers. Crius Energy connects with customers through an innovative family-of-brands including Crius Solar, TriEagle Energy, Public Power, Comcast Energy Rewards, FairPoint Energy, Cincinnati Bell Energy, and Viridian Energy. Crius' broad suite of energy products and services make it easier for consumers to make informed decisions about their energy needs. The company is currently active in 23 markets across the U.S. and Australia, with plans to continue expanding its geographic reach. Learn more at: http://www.criusenergy.com/Home/default.aspx
SOURCE Crius Energy Trust
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