Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Sale to Direct Energy
Baird served as exclusive financial advisor to Vectren Corporation
Vectren Corporation (NYSE: VVC) (“Vectren”) sold its wholly owned retail natural gas marketing subsidiary, Vectren Source, to Direct Energy, one of North America’s largest competitive energy suppliers of electricity, natural gas and related services.
Headquartered in Evansville, Indiana, Vectren Source supplies natural gas and related services to about 280,000 residential and small business customers in Ohio, New York and northern Indiana.
Vectren is an energy holding company headquartered in Evansville, Indiana. Vectren's energy delivery subsidiaries provide gas and/or electricity to more than one million customers in adjoining service territories that cover nearly two-thirds of Indiana and west central Ohio. Vectren's nonutility subsidiaries and affiliates currently offer energy-related products and services to customers throughout the United States. These include infrastructure services, energy services, coal mining and energy marketing.
Direct Energy is one of North America's largest energy and energy-related services providers with over 6 million residential and commercial customer relationships. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE: CNA), one of the world's leading integrated energy companies, Direct Energy operates in 46 states plus DC and 10 provinces in Canada.