Spark Energy (SPKE) Closes Acquisition of Major Energy Companies

August 23, 2016 4:26 PM EDT

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Spark Energy, Inc. (Nasdaq: SPKE) announced that the Company has completed its acquisition of the Major Energy Companies (“Major Energy”). Spark expects the acquisition to be immediately accretive to earnings.

“Major Energy enhances our leading position in the Northeast markets we serve and gives Spark an additional established brand along with 220,000 RCEs,” said Nathan Kroeker, Spark’s President and Chief Executive Officer. “We expect to realize multiple top and bottom line synergies as we work to fully integrate Major Energy into the Spark platform.”

“We are thrilled to join the Spark family,” added Dan Alper, Chief Executive Officer of Major Energy. “We have already been working with National Gas & Electric to integrate customer billing systems, streamline our reporting, and share best practices in anticipation of the drop-down to Spark.”

“We are proud of how quickly and efficiently the teams at National Gas & Electric and the Company worked to complete this transaction,” said W. Keith Maxwell III, NG&E’s Chief Executive Officer and Founder and Chairman of Spark. “Looking forward, we are excited for the Company’s future as we continue to evaluate several acquisition opportunities that could be potential drop-downs to Spark.”

Major Energy represents the seventh acquisition by Spark since its initial public offering on August 1, 2014.

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