Norwalk, Conn., July 18, 2012 —Regional Energy Holdings and Public Power announced their intent to combine. The resulting company will under the name Crius Energy. Terms of the transaction were not disclosed.
Regional Energy Holdings, a privately held company, owns and operates a network of distinctive retail energy companies operating in 11 states under the brand names of Viridian Energy, Cincinnati Bell Energy and FairPoint Energy.
Public Power, a privately held company, is a retail energy company operating in seven states.
Leveraging the two organizations' complementary geographic footprints and distribution channels, Crius Energy will bolster operations in their existing markets, where they currently serve more than 400,000 residential and commercial customers and generated a combined revenue of about $315 million in 2011.
Crius Energy will become the parent company to Regional Energy Holdings' units — Viridian Energy, Cincinnati Bell Energy and FairPoint Energy. Public Power as well as the foregoing Regional Energy Holdings entities will retain their brand name as they join the Crius Energy portfolio.
The consummation of this transaction is subject to customary closing conditions and receipt of the Federal Energy Regulatory Commission's approval. The transaction is expected to close in August 2012.