IRVING, Texas and TORONTO, July 15,
2019 /PRNewswire/ -- Vistra Energy (NYSE: VST) and
Crius Energy Trust ("Crius Energy") (TSX: KWH.UN) today announced
the successful completion of the previously announced acquisition
by Vistra of the business of Crius Energy. The closing of the
transaction follows the overwhelming approval of the transaction by
Crius Energy unitholders at the special meeting of unitholders held
on March 28, 2019, and the receipt of
all required regulatory approvals, including approval from the
Federal Energy Regulatory Commission on July
8, 2019. As a result of the closing today, Crius Energy
unitholders are entitled to receive C$8.80 per trust unit upon the redemption of such
units. In addition, Crius Energy unitholders that were holders of
record on March 26, 2019 will receive
C$0.209 per unit for the distribution
previously declared by Crius Energy on Jan.
16, 2019. The combination of these amounts results in total
cash payable to Crius Energy unitholders of C$9.009 per unit. Crius Energy expects that the
distribution of C$0.209 per unit will
be payable today, with the transaction consideration of
C$8.80 payable within three business
days of today's date. The units of Crius Energy are expected to be
delisted from the Toronto Stock Exchange as of the close of markets
on July 17, 2019, and Crius Energy is
expected to be wound-up following the redemption of the trust units
on July 18, 2019.
"We are excited to welcome the Crius Energy team and brands into
our company," Vistra's President and Chief Executive
Officer Curt Morgan commented. "We expect this transaction to
be immediately accretive to Vistra on both an EBITDA per share and
a free cash flow per share basis. The acquisition also accelerates
our retail growth plans in the Midwest and Northeast and provides a
platform for future growth in key markets where we have
complementary generation."
Vistra's retail brands now serve approximately 3.7 million
customers and 80 TWh of retail load annually across 19 states and
the District of Columbia.
Media
Meranda Cohn
214-875-8004
Media.Relations@vistraenergy.com
Analysts
Molly Sorg
214-812-0046
Investor@vistraenergy.com
About Vistra Energy
Vistra Energy (NYSE: VST) is a premier, integrated energy company
based in Irving, Texas, combining
an innovative, customer-centric approach to retail with a focus on
safe, reliable, and efficient power generation. Through its retail
and generation businesses, Vistra operates in 20 states and the
District of Columbia, and six of
the seven competitive markets in the U.S., with about 5,400
employees. Vistra is one of the largest competitive residential
electricity providers in the country, and its retail brands serve
approximately 3.7 million residential, commercial, and industrial
customers with electricity and gas. The company's generation fleet
totals approximately 41,000 megawatts of highly efficient
generation capacity, with a diverse portfolio of natural gas,
nuclear, coal, solar, and battery storage facilities. The company
is currently developing the largest battery energy storage system
of its kind in the world – a 300-MW/1,200-MWh system in
Moss Landing, California.
Cautionary Note Regarding Forward-Looking Statements
The information presented herein includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act, as amended. These
forward-looking statements, which are based on current
expectations, estimates and projections about the industry and
markets in which Vistra Energy Corp. ("Vistra Energy") operates and
beliefs of and assumptions made by Vistra Energy's management,
involve risks and uncertainties, which are difficult to predict and
are not guarantees of future performance, that could significantly
affect the financial results of Vistra Energy. All statements,
other than statements of historical facts, that are presented
herein, or in response to questions or otherwise, that address
activities, events or developments that may occur in the future,
including such matters as activities related to our financial or
operational projections, projected synergy, value lever and net
debt targets, capital allocation, capital expenditures, liquidity,
projected Adjusted EBITDA to free cash flow conversion rate,
dividend policy, business strategy, competitive strengths, goals,
future acquisitions or dispositions, development or operation of
power generation assets, market and industry developments and the
growth of our businesses and operations (often, but not always,
through the use of words or phrases, or the negative variations of
those words or other comparable words of a future or
forward-looking nature, including, but not limited to, "intends,"
"plans," "will likely," "unlikely," "believe," "expect," "seek,"
"anticipate," "estimate," "continue," "will," "shall," "should,"
"could," "may," "might," "predict," "project," "forecast,"
"target," "potential," "forecast," "goal," "objective," "guidance"
and "outlook"),are forward-looking statements. . Readers are
cautioned not to place undue reliance on forward-looking
statements. Although Vistra Energy believes that in making any such
forward-looking statement, Vistra Energy's expectations are based
on reasonable assumptions, any such forward-looking statement
involves uncertainties and risks that could cause results to differ
materially from those projected in or implied by any such
forward-looking statement, including but not limited to (i) adverse
changes in general economic or market conditions (including changes
in interest rates) or changes in political conditions or federal or
state laws and regulations; (ii) the ability of Vistra Energy to
execute upon its contemplated strategic and performance initiatives
and to successfully integrate acquired businesses ; (iii) actions
by credit ratings agencies and (iv) those additional risks and
factors discussed in reports filed with the Securities and Exchange
Commission ("SEC") by Vistra Energy from time to time, including
the uncertainties and risks discussed in the sections entitled
"Risk Factors" and "Forward-Looking Statements" in Vistra Energy's
annual report on Form 10-K for the year ended December 31, 2018 and any subsequently filed
quarterly reports on Form 10-Q.
Any forward-looking statement speaks only at the date on which
it is made, and except as may be required by law, Vistra Energy
will not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which it is made or to reflect the occurrence of unanticipated
events. New factors emerge from time to time, and it is not
possible to predict all of them; nor can Vistra Energy assess the
impact of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement.
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SOURCE Vistra Energy