Business & Tech
Stamford's MXenergy Purchased for $175 Million
MXenergy is a natural gas electricity supplier.
Stamford-based MXenergy, a natural gas company, announced on Friday that is being purchased by Constellation Energy (NYSE: CEG), a Baltimore-based energy company. The all-cash transaction totals $175 million.
“I am excited and energized by the combination of these two great companies” said Jeffrey Mayer, president and CEO of MXenergy, in a statement. “For over 12 years MXenergy has provided customers with competitive rates and superb customer service, and Constellation is determined to offer customers the same value propositions."
Mayer is the former chairman of Westport's Board of Finance. He was on the board for more than a decade.
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The agreement was signed today by MXenergy, based in Stamford, and is expected to close in the third quarter. According to Businessweek, the company employs 200 people. Shares of Constellation Energy rose 40 cents to close at $37.07 yesterday.
Presently, Constellation serves Washington D.C., Illinois, New Jersey and Maryland. The purchase of MXenergy will add more than 500,000 customers in 13 states and parts of Canada.
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