Ambit Energy (OpTree Profile) has just announced that they have acquired all of the retail electric service contracts in Texas from Commerce Energy, Inc, which is the operating subsidiary of Commerce Energy Group, Inc. The deal is reportedly worth roughly $14.8 million dollars.
The purchase prices includes $8.5 million in cashed due at closing and a second payment of $2.7 million in a second payment which is the reduced price after customer deposits and final customer count. The first two payments will become due on or before November 24th, and the remaining balance will be paid over a two year period.
Commerce Energy Group will continue to provide retail electric power and natural gas in its other markets.
“This is a significant, positive step in both paying down debt as well as strengthening the core platform of the company,” said Commerce chief operating officer, Michael Fallquist. “We found a buyer in Ambit that shares our commitment to great technology, products and customer service. Ambit has agreed to preserve the terms and conditions of the customer contracts and this transaction will be seamless to all our customers.”
Popularity: 2% [?]
