A CenterPoint Energy facility in Downtown Houston. Credit: Nick Juhasz, aka Nick22aku at en.wikipedia.

CenterPoint Energy and Vectren have completed their merger to form a new company with an enterprise value of $27bn.

Headquartered in Houston, US, the combined company is called CenterPoint Energy. It has regulated electric and natural gas utility businesses in eight states and assets totalling $29bn.

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CenterPoint Energy president and CEO Scott Prochazka said: “Today, we come together as one company. With a greater level of business operations, resources and capabilities, we plan to execute a unified business strategy focused on the safe and reliable delivery of electricity, natural gas and energy-related services.

“It is a time of transformation for our industry, and I believe CenterPoint Energy will be well-positioned to deliver traditional energy services with innovative solutions that meet customers’ evolving needs and expectations.”

“We plan to execute a unified business strategy focused on the safe and reliable delivery of electricity, natural gas and energy-related services.”

The company owns and operates nearly 1,300MW of power generation capacity in Indiana.

Under the agreement announced in April last year, Vectren shareholders will receive $72 for each unit plus a prorated dividend of $0.41145 in cash for each Vectren common stock share owned as of the close of business on 1 February 2019.

Vectren outgoing chairman, president and CEO Carl Chapman said: “I look forward to watching the newly combined company thrive in this evolving industry.

“CenterPoint Energy was the right partner for Vectren and I am confident this merger will have a positive impact on all stakeholders. I sincerely thank the employees and shareholders who have been part of the Vectren journey.”