Vectren Clears Final Hurdle of DPL Acquisition
Vectren Corp. has cleared the final regulatory hurdle and expects to close its acquisition of The Dayton Power & Light Co. by the end of this month, adding nearly 305,000 residential, commercial, industrial and government customers to its established 650,000 customer base.
The U.S. Securities and Exchange Commission approved the merger last week. The Public Utilities Commission of Ohio already has approved the acquisition, and the U.S. Department of Justice also notified Vectren that it would not challenge the move (see Daily GPI, June 28).
Vectren offers gas and/or electricity in its service area, which currently covers about two-thirds of Indiana. The merger will combine its service with DPL's natural gas business, which is contiguous to Vectren's distribution system in East Central Indiana.
Vectren CEO Niel C. Ellerbrook said the company was "quite anxious" to welcome its new customers and employees, and expects to close the transaction by Oct. 31.
DPL, based in Dayton, OH, agreed to sell its retail gas distribution business last December for $425 million in an all-cash sale (see Daily GPI, Dec. 16, 1999). At the time, the sale was to Indiana Energy Inc. Vectren was formed in late March when Indiana Energy and SIGCORP Inc. merged. Vectren, a $1.9 billion holding company, already is the largest combined utility in Indiana, composed of Southern Indiana Gas & Electric co., Indiana Gas Co. and Vectren Energy of Ohio.
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