CenterPoint Energy to sell Energy Systems subsidiary in $157M deal

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CenterPoint Energy (NYSE:CNP) said Monday its Vectren Energy Services subsidiary agreed to sell Energy Systems Group, its wholly-owned subsidiary that specializes in providing energy efficiency and sustainable energy solutions, to ESG Holdings for ~$157M.

CenterPoint (CNP) estimates the sale will result in a $12M GAAP pre-tax loss - primarily as a result of $134M of goodwill associated with ESG - to be recognized in Q2, while the company reaffirms its non-GAAP earnings guidance.

The company said the sale will further its continued strategic focus on its core utility businesses.

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