HOUSTON, March 16, 2015 (GLOBE NEWSWIRE) -- Spark Energy, Inc. (Nasdaq:SPKE), a Delaware corporation ("Spark"), today announces that it has entered into a purchase and sale agreement with Entrust Energy, Inc. ("Entrust") for the purchase of approximately 33,500 customer contracts in the Pacific Gas and Electric (PG&E) natural gas market in Northern California. The purchase price is $2.83 million, or approximately $85 per customer. Closing of the transaction is expected in the first two weeks of April. Spark has operated a successful retail natural gas business in Northern California since 2006.
"This acquisition is a strong complement to our existing customer base in the PG&E territory and evidences another successful execution of our retail energy acquisition strategy," said Nathan Kroeker, Spark Energy, Inc.'s President and Chief Executive Officer. "While we continue to see organic growth potential, I'm very excited about the breadth of M&A opportunities as we predicted back at the time of our IPO."
"We are excited to announce this mutually beneficial transaction between Spark and Entrust. When we decided to restructure our retail energy business, we wanted to ensure we transferred our valued customers to a company with a strong record of customer satisfaction," said Layne Loessin, President and Chief Executive Officer of Entrust. "We chose Spark Energy because of its national reputation."
About Spark Energy, Inc.
Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 16 states and serves 46 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.