Vectren: No immediate plans to change name of air show after merger

The MarkWest Energy Partners natural gas processing and storage operation near Cadiz is about 60 miles south of Canton, Ohio. Courtesy of Marathon Petroleum Corp.

Combined ShapeCaption
The MarkWest Energy Partners natural gas processing and storage operation near Cadiz is about 60 miles south of Canton, Ohio. Courtesy of Marathon Petroleum Corp.

Vectren Corp., parent company of the region’s natural gas provider, has completed a merger with a Houston energy company, CenterPoint Energy Inc.

Asked if the merger means the name of the Vectren-Dayton Air Show will change, Vectren spokeswoman Natalie Hedde said Wednesday: “No, it shouldn’t.”

“In the interim, the name Vectren is going to be retained for some period of time,” Hedde said.

That period of time hasn’t been precisely determined, she added. But she said the Vectren name at some point in the future will no longer be used.

“Eventually, there’s going to be a re-branding to CenterPoint Energy,” Hedde said.

Asked if the name of the air show might be updated at that point, Hedde said it would be premature to forecast that, and she added that the company will continue to work with organizers of the air show.

“I certainly don’t want to misinform readers that that’s going to happen in the immediate future,” she added about the possibility of any change in the branding or identification of the air show.

CenterPoint Energy, Inc. and Vectren earlier this month announced the completion of the merger. The newly merged business will have a new name — CenterPoint Energy — and a new logo.

But customers need do nothing differently as far as managing accounts or paying bills, the company said on its web site.

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Vectren and CenterPoint Energy announced the move last year. The combined company will have its headquarters in Houston. The company’s natural gas utilities operation and Indiana electric operation will be based in Evansville.

Vectren provides gas and/or electricity to more than 1 million people in nearly two-thirds of Indiana and about 20 percent of Ohio, mostly counties in west-central Ohio, including the Dayton area.

The combined company has regulated electric and natural gas utility businesses in eight states that serve more than 7 million metered customers.

“With a greater level of business operations, resources and capabilities, we plan to execute a unified business strategy focused on the safe and reliable delivery of electricity, natural gas and energy-related services,” Scott Prochazka, president and chief executive of CenterPoint Energy, said in a statement.

With the merger, CenterPoint Energy has assets totaling about $29 billion, an enterprise value of $27 billion and some 14,000 employees.

The business includes Vectren’s natural gas utility business, selling natural gas to 4.5 million homes and businesses in eight states: Ohio, Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Oklahoma and Texas.

Under the terms of the merger, Vectren shareholders will receive $72, along with a pro-rated dividend of $0.41145, in cash for each share of Vectren common stock owned as of the close of business on Feb. 1, 2019.

Additionally, Vectren common stock, which previously traded under the ticker symbol “VVC,” ceased trading and was delisted from the New York Stock Exchange effective Feb. 1.

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