Evansville, Indiana based Vectren Corp. is being purchased by rival Houston-based CenterPoint Energy Inc.
CenterPoint is paying just under $6 billion for Vectren in a move that will expand the utility operator's reach.
The combined company will serve more than 7 million gas and electricity customers in eight states and will hold about $29 billion in assets. CenterPoint will pay $72 per share cash for Vectren and assume the company's debt.
Vectren provides natural gas in Indiana and Ohio, along with electricity in Indiana. It employs about 5,500 people.
CenterPoint has natural gas operations in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. It delivers electricity in the Houston area. It currently employs nearly 8,000 people.
The deal is expected to close in the first quarter of 2019.