US based Constellation Energy has reached an agreement to acquire natural gas and electricity supplier MXenergy for $175m.
MXenergy caters to more than 500,000 customers in 15 US states and two provinces of Canada, and is currently owned by a number of large institutional investors and others.
Constellation Energy said it intends to expand its customer base to more than one million by the end of this year.
Constellation Energy retail business head Mark Huston said that MXenergy provides Constellation with a broad platform that supplements its growing retail business, particularly in the residential market.
The acquisition of MXenergy is subject to necessary approvals and is expected to be completed in the third quarter of this year.
Constellation Energy, which is being acquired by Exelon Corporation, supplies power, natural gas and energy products and services for homes and businesses across the continental US.