RICHMOND, Va. - Dominion Retail, an energy marketing subsidiary of Dominion (NYSE: D), has agreed to acquire Cirro Energy, a Texas retail electric provider. Cirro, which supplies about 2.3 million megawatt hours to about 52,600 residential and commercial customers, is headquartered in Richardson, Texas, a suburb of Dallas. Closing is expected by the end of the third quarter.
"Cirro Energy has provided both outstanding service and value to Texas customers for more than six years," said Richard Zelenko, vice president of Dominion Retail. "Dominion is pleased to acquire such an experienced company with an excellent track record, skilled employees and good prospects for growth in the largest competitive electricity market in the United States."
"This acquisition is a natural progression for Cirro in support of existing and future customers," said Cirro Energy CEO Tim Rogers. "The financial strength of Dominion, one of the nation's largest integrated energy companies, will ensure both Cirro's ability to build upon our reputation as a leading Texas retail electric provider and enhance our ability to grow and compete in the Texas market."
With the acquisition, Dominion Retail will provide energy and energy related services to 1.7 million customers in 12 states, including electricity customers in Texas, Pennsylvania, Massachusetts, Connecticut, Ohio, Maine, New York, and Maryland.
Cirro will become a subsidiary of Dominion Retail and maintain
its operations in Texas.
Cirro was represented in the sale by Aspen Advisors, LP, an investment banking firm based in Dallas, Texas.
Dominion is one of the nation's largest
producers and transporters of energy, with a portfolio of approximately 27,000
megawatts of generation, 1.1 trillion cubic feet equivalent of proved natural
gas reserves, 14,000 miles of natural gas transmission, gathering and storage
pipeline and 6,000 miles of electric transmission lines. Dominion operates the
nation’s largest natural gas storage facility with 975 billion cubic feet
of storage capacity. For more information about Dominion, visit the company's
Web site at http://www.dom.com.
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