Constellation Energy Purchases MXenergy for $175M

MXenergy announced today it has reached an agreement to be acquired by Constellation Energy CEG. Constellation will purchase MXenergy in an all-cash transaction. The Board of Directors of MXenergy and key shareholders Denham Capital Management LP, Charterhouse Group LLC and Sempra Energy Trading LLC are fully supportive of the transaction. The total base purchase price of the transaction is $175 million. Shareholders can expect to receive between $3.00 and $3.28 per share in cash at closing, currently expected to occur early in the third calendar quarter. Additional payments of up to $.91 per share may be paid to shareholders upon settlement of customary escrow holdbacks, aggregating to total potential cash consideration of up to $4.21 per share.