Commerce Energy Sells Texas Retail Electricity Service Contracts to Ambit
Posted on: Thursday, 30 October 2008, 09:00 CDT
The Commerce Energy Group has announced that its principal operating subsidiary, Commerce Energy, has sold all of its retail electricity service contracts in Texas to Ambit Energy for an estimated $14.8 million.
The purchase price includes $8.5 million in cash received on closing, a second payment of $2.7 million, reduced by customer deposits and adjusted for final customer count, to be received on or before November 24, 2008 and deferred payments over a 24-month period estimated to be $3.6 million.
Commerce Energy will retain its business providing retail electric power and natural gas in other markets in which it currently operates. Commerce was represented by the Affiliated Energy Group in connection with the transaction.
Michael Fallquist, COO of Commerce Energy, said: "This is a significant, positive step in both paying down debt as well as strengthening the core platform of the company. We found a buyer in Ambit that shares our commitment to great technology, products and customer service."
Source: Datamonitor
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