MXenergy headed by former Westport Board of Finance chair Jeffrey Mayer will be acquired by Constellation Energy for $175 million in cash, the companies announced today.
Westporter Jeffrey Mayer, CEO of MXenergy, addresses guests last November as the Stamford-based energy company announced the launch of MXenergyTV for iO TV Cablevision. (CLICK TO ENLARGE) Helen Klisser During for WestportNow.com
Mayer founded the Stamford-based firm in 1999. It employs about 200 people and provides natural gas and electricity to about 500,000 customers in 15 states, including Connecticut, and two Canadian provinces.
Constellation Energy, a New York Stock Exchange listed company, operates Baltimore Gas and Electric Co. and had revenue in 2010 of $14.3 billion, according to the announcement.
Last month, Exelon agreed to buy Constellation Energy Group Inc. for $7.9 billion.
The MXenergy deal is scheduled to close in the third quarter, subject to regulatory approvals.
“MX customers will see no change in their contracts but over time can expect to see new and expanded products and services,” Mayer told WestportNow. “Constellation, the first gas lighting utility in the country, is a pioneer in renewable and sustainable energy services.”
MXenergy has supplemented its retail energy sales products with offerings of renewable energy products, carbon offsets, and environmental educational programming through the creation of MXenergy TV, an on-demand cable channel designed to educate and inform on the issues of sustainability and green living.
MXenergyTV is available across Cablevision’s service area on iO TVChannel 654.
MXenergy has been a strong supporter of a number of Westport nonprofits, including the weekly Westport Farmers’ Market.
Mayer, who retired from the Board of Finance in 2009 after 12 years, recently took the helm of the newly formed Friends of Parks and Recreation group which has pledged to raised $300,000 to build a new halfway house on the Longshore Club Park golf course.
