Champion Energy Marketing, LLC and Calpine Corporation just made an announcement stating that they have signed an agreement for Calpine to purchase Champion for $240 million.

Champion will continue to use the Champion brand after the deal closes.  Based in Houston, Texas, Champion Energy Services takes care of residential, commercial, and industrial customers.  Champion is anticipated to provide 22 TWh worth of electricity in 2015 to customers in Texas, as well as the Northeast, where Calpine has a substantial presence.

As far as Champion’s current customers, they should experience absolutely no disruption of service due to the new deal.  All existing customer contracts will be honored, as well.  David Tudor, the current President and CEO of Champion, will keep his role at Champion.

The deal, expecting to close by the 4th quarter of 2015, is dependent on customary closing conditions and approval from the FERC (Federal Energy Regulatory Commission).

Calpine will fund the deal with cash on hand.