CenterPoint Energy to Sell Miller Pipeline and Minnesota Limited to PowerTeam Services
(UC) — CenterPoint Energy has announced an agreement to sell Miller Pipeline and Minnesota Limited to PowerTeam Services for $850 million in cash, subject to customary price adjustments.
Miller Pipeline and Minnesota Limited, which represent CenterPoint Energy's Infrastructure Services business segment, are two of the premier natural gas distribution and transmission pipeline contractors in the United States, providing services to customers in 35 states.
"PowerTeam's combination with Miller Pipeline and Minnesota Limited creates a powerful platform with nationwide scale," said Brian Palmer, chief executive officer of PowerTeam, who will serve as the chief executive officer of the combined company.
In 2019, both Miller Pipeline and Minnesota Limited were acquired by CenterPoint Energy in the CenterPoint Energy-Vector Corporation merger.
Miller Pipeline is based in Indianapolis and employs more than 3,500 people. Minnesota Limited has its headquarters in Big Lake, Minn., with peak employment of more than 1,400 employees.
Scott Prochazka, president and chief executive officer of CenterPoint Energy, said, "With PowerTeam, we believe we have found the right company to continue growing the businesses of Miller Pipeline and Minnesota Limited and position them for long-term success."
CenterPoint said it will use net proceeds of the sale to repay a portion of its outstanding debt.
The sale is scheduled to close in the second quarter of 2020
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