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FERC approves Vistra to acquire Texas electricity retailer

The Federal Energy Regulatory Commission approved Ambit Northeast LLC's acquisition by Vistra Energy Corp. for $475 million in cash, plus net working capital.

Ambit is a Dallas-headquartered retail energy business. It is a subsidiary of Ambit Energy Holdings LLC, which is owned by Ambit Holdings LLC, according to an Oct. 4 FERC filing.

The deal is expected to close by the end of 2019. The transaction, announced in August, will boost Vistra's share of the Electric Reliability Council Of Texas Inc market to about 32% from 25% and its share in all U.S. competitive markets to 26%, according to the company. (FERC docket EC 19-129)