Vistra Energy Corp. secured approval from the Federal Energy Regulatory Commission for its proposed acquisition of Crius Energy Trust on July 8.
With FERC's clearance, the companies have now received all regulatory and corporate approvals needed to complete the transaction. The parties expect to close the deal on July 15, subject to satisfaction or waiver of other customary closing conditions.
Under an amended deal, Vistra Energy will be buying the energy retailer at C$8.80 per trust unit, or approximately US$378 million plus the assumption of Crius Energy's US$108 million in net debt.
Crius unit holders are set to receive a first-quarter 2019 distribution of 20.90 Canadian cents per trust unit on July 15 and the cash consideration payment of C$8.80 per trust unit on or about July 18.
The deal is expected to expand Vistra's retail presence from five states to 19 states and Washington, D.C. It also complements the company's strategy to focus on its retail business.