UK markets open in 3 hours 4 minutes
  • NIKKEI 225

    29,108.65
    +159.92 (+0.55%)
     
  • HANG SENG

    28,842.13
    +103.23 (+0.36%)
     
  • CRUDE OIL

    71.21
    +0.30 (+0.42%)
     
  • GOLD FUTURES

    1,866.60
    -13.00 (-0.69%)
     
  • DOW

    34,479.60
    +13.40 (+0.04%)
     
  • BTC-GBP

    27,536.88
    +2,636.32 (+10.59%)
     
  • CMC Crypto 200

    970.92
    +29.10 (+3.09%)
     
  • ^IXIC

    14,069.42
    +49.12 (+0.35%)
     
  • ^FTAS

    4,068.33
    +24.32 (+0.60%)
     

Spark Energy, Inc. Announces Acquisition of Customer Books

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·5-min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.


Houston, 05/25/2021 / 09:01, EST/EDT - EQS Newswire - Spark Energy, Inc. (Nasdaq)


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."

About Spark Energy, Inc.
Spark Energy, Inc. is an independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 19 states and serves 100 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.

We use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should note that new materials, including press releases, updated investor presentations, and financial and other filings with the Securities and Exchange Commission are posted on the Spark Energy Investor Relations website at ir.sparkenergy.com. Investors are urged to monitor our website regularly for information and updates about the Company.

Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. These forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") can be identified by the use of forward-looking terminology including "may," "should," "could," "likely," "will," "believe," "expect," "anticipate," "estimate," "continue," "plan," "intend," "project," or other similar words. All statements, other than statements of historical fact included in this press release are forward-looking statements. The forward-looking statements include statements regarding the expected benefits of the acquisition, as well as long-term growth and value for shareholders. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurance that such expectations will prove correct.

The forward-looking statements in this press release are subject to risks and uncertainties. Important factors that could cause actual results to materially differ from those projected in the forward-looking statements include, but are not limited to:

You should review the risk factors and other factors noted throughout this press release that could cause our actual results to differ materially from those contained in any forward-looking statement. All forward-looking statements speak only as of the date of this press release. Unless required by law, we disclaim any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise. It is not possible for us to predict all risks, nor can we assess the impact of all factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

For further information, please contact:

Investors:
Mike Barajas, 832-200-3727

Media:
Kira Jordan, 832-255-7302

SOURCE: Spark Energy, Inc.



05/25/2021 EQS Newswire / EQS Group AG



show this
show this