Stream Energy announced that it 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, the Dallas, Texas-based 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.
“NRG will be a fantastic partner and is an excellent fit for Stream and its associates,” said Rob Snyder, founder of Stream. “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.