Stream Signs Definitive Agreement for Sale of Retail Energy Business to NRG Energy
DALLAS--(BUSINESS WIRE)--May 20, 2019--
Stream (Stream Energy), a leading direct selling company and provider of energy and wireless services, has entered into a definitive agreement to sell its retail energy business to NRG Retail LLC, a subsidiary of NRG Energy, Inc. (NYSE: NRG). At closing, Stream’s remaining business will emerge as a new brand to market energy and wireless services through its independent sales organization and will be the exclusive marketer to the retail energy business acquired by NRG.
Stream’s retail energy business provides electricity and natural gas in over 40 deregulated markets across the U.S. Rob Snyder, Founder of Stream, said, “NRG will be a fantastic partner and is an excellent fit for Stream and its associates. This sale will allow us to focus, first and foremost, on our crusade to be a world-class direct selling business helping individuals to change their lives by offering essential services to their friends and families. Just as importantly, we are confident that NRG will continue to provide the highest level of service to our customers.”
The transaction is subject to Federal Energy Regulatory Commission and Georgia Public Service Commission approvals, antitrust review under the Hart-Scott-Rodino Act and other customary closing conditions and is expected to close in latter 2019.
Stream (Stream Energy) is a leading direct selling company and provider of energy and wireless services. Founded in 2005 by Rob Snyder and Pierre Koshakji, Stream’s innovative use of direct selling revolutionized the energy industry, growing into one of the largest direct selling companies in the global energy market.
At NRG, we’re redefining power by putting customers at the center of everything we do. We create value by generating electricity and serving more than 3 million residential and commercial customers through our portfolio of retail electricity brands. A Fortune 500 company, NRG delivers customer-focused solutions for managing electricity, while enhancing energy choice and working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy, @nrginsight.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190520005366/en/
CONTACT: Ginger Greenberg
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: ENERGY UTILITIES TECHNOLOGY MOBILE/WIRELESS
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PUB: 05/20/2019 07:33 AM/DISC: 05/20/2019 07:33 AM