CNP - CenterPoint Energy to sell Energy Systems subsidiary in $157M deal
2023-05-22 10:11:46 ET
CenterPoint Energy ( NYSE: CNP ) said Monday its Vectren Energy Services subsidiary agreed to sell Energy Systems Group, its wholly-owned subsidiary that specializes in providing energy efficiency and sustainable energy solutions, to ESG Holdings for ~$157M.
CenterPoint ( CNP ) estimates the sale will result in a $12M GAAP pre-tax loss - primarily as a result of $134M of goodwill associated with ESG - to be recognized in Q2, while the company reaffirms its non-GAAP earnings guidance.
The company said the sale will further its continued strategic focus on its core utility businesses.
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CenterPoint Energy to sell Energy Systems subsidiary in $157M deal