StarTex Power to be acquired by Constellation Energy
The purchase of StarTex Power gives Constellation Energy a foothold in the Texas mass market
Houston, May 27, 2011 — StarTex Power, a Texas-based retail electric provider that serves 170,000 residential and commercial customers across the state, announced today that it has signed a definitive merger agreement to be acquired by Constellation Energy.
The purchase of StarTex Power gives Constellation Energy a foothold in the Texas mass market, the most active of all residential electricity markets in the country, and is a key element of the company's broader strategy to be a residential sector market leader.
StarTex Power was founded in 2004 by Bob and Marcie Zlotnik who started the Employee Stock Ownership Plan as a commitment to "give back" to the employees, a key component to the success of the company.
StarTex Power's 170,000 residential and commercial customers will expand Constellation Energy's residential customer base moving Constellation a step closer to its goal of 1 million mass-market customers by the end of 2011.
StarTex Power will remain headquartered in Houston where its roughly 150 employees reside. Credit Suisse acted as exclusive financial adviser and Baker Botts LLP acted as legal counsel to StarTex Power on the transaction.