Spark Energy, Inc. Announces Acquisition of Customer Books
HOUSTON, TX / ACCESSWIRE / May 25, 2021 / Spark Energy, Inc. ("Spark" or the "Company") (NASDAQ:SPKE), an independent retail energy services company, announced today that it has executed four separate agreements to acquire a total of approximately 56,900 residential customer equivalents ("RCEs") for a total purchase price of $11.5 million, consisting of approximately 15,700 RCEs in Connecticut's Eversource territory, 4,700 RCEs in Connecticut's United Illuminated territory, 17,500 RCEs in Massachusetts, and 19,000 RCEs in the Mid-Atlantic and Midwest regions. The completion of these transactions is subject to customary closing conditions, including regulatory approvals.
"These tuck-in acquisitions are a perfect example of our strong commitment to grow our business," said Keith Maxwell, Spark's Chief Executive Officer and Chairman of the Board. "The transaction represents excellent value and we forecast the acquisitions to be immediately accretive to Adjusted EBITDA, with expected closings in late Q2 to early Q3. We believe these acquisitions, along with our cost-effective platform, will drive long-term, sustainable growth and value for shareholders."