We were thrilled to announce earlier today that Constellation Energy has signed a definitive agreement to acquire MXenergy, a leading natural gas and electric supplier based out of Connecticut, with more than half a million customers throughout the nation. The acquisition will nearly triple our growing portfolio of residential and small commercial offerings and increase our customer base by more than 540,000.
While this move is important to our strategic goals, we’re more pleased to create a platform from which we can expand our trusted service, price protection and cost-effective energy solutions for residential customers, at a time when residents are choosing energy suppliers in significant numbers.
A major highlight of this acquisition includes the innovative benefit that residential and small commercial customers will gain in the long-term. Building on our strong commitment to environmental stewardship and a clean energy future in addition to our vast B2B expertise, customers will be able to control energy usage, reduce greenhouse gas emissions and utilize sources of renewable energy with our innovative energy solutions.
We are excited about this development. The closing of the transaction is expected to occur in the third quarter of 2011, subject to customary closing terms and conditions. Stay tuned for future updates; we’ll have more to share in the future.
