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By Colin Kellaher
Retail energy-services company Via Renewables has struck a deal to be taken private by its top executive.
Via on Tuesday said an entity owned by W. Keith Maxwell, its chairman and chief executive, will pay $11 a share in cash for the Houston company that Maxwell doesn’t already own.
The deal represents a 17% premium to Friday’s closing price of $9.40 for Via.
Maxwell directly and indirectly owns nearly 66% of Via’s common stock.
Via said a special committee of its board negotiated the deal with the assistance of independent financial and legal advisers, adding that the agreement includes a 30-day “go-shop” period under which the company can seek a competing transaction.
Trading in shares of Via was halted premarket on Tuesday.
Write to Colin Kellaher at [email protected]
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