Constellation Energy acquires Oklahoma retail gas provider ONEOK Energy Marketing Company for US$22.5M; adds 26,100 customers, expands market base to seven states; deal scheduled to close in Q1 2012
December 1, 2011
– Constellation Surpasses 1 Million Retail Customers with Steady Expansion of Residential and Small Business Customer Base in 2011
Constellation Energy (NYSE: CEG), a leading competitive energy provider, today announced it has signed a definitive agreement to acquire 100 percent of ONEOK Energy Marketing Company (OEMC), a Tulsa, Okla., retail natural gas marketing company with 26,100 customers.
The proposed purchase of OEMC, a subsidiary of ONEOK, Inc. (NYSE: OKE), for $22.5 million, plus working capital, expands Constellation Energy’s business and residential customer base in seven states: Kansas, Oklahoma, Missouri, Texas, Nebraska, Wyoming and Illinois.
“We are excited by this opportunity to acquire ONEOK Energy Marketing and broaden the natural gas services we can offer to our growing customer base,” said Mark Huston, head of Constellation Energy’s retail business. He noted that Constellation recently reached a key milestone of 1 million retail customers, and the addition of ONEOK’s retail natural gas marketing business will give Constellation almost 1.1 million customers.
ONEOK Energy Marketing, which has 39 employees, provides physical and financial natural gas products and services to retail customers.
The definitive agreement is scheduled to close in the first quarter of 2012.
Earlier this year, Constellation Energy acquired MXenergy, a Connecticut-based supplier of natural gas and electricity with a half million customers in 15 states and two Canadian provinces, and StarTex Power, a Houston retail electric provider with approximately 170,000 customers.
Constellation Energy demonstrates its commitment to environmental stewardship and a clean energy future by delivering innovative energy solutions that help customers control energy use, reduce greenhouse gas emissions and utilize sources of renewable energy.
About Constellation Energy
Constellation Energy is a leading competitive supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. It owns a diversified fleet of generating units, totaling approximately 12,000 megawatts of generating capacity, and is a leading advocate for clean, environmentally sustainable energy sources, such as solar power and nuclear energy. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $14.3 billion in 2010.
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