Stream Sells to NRG; Changes Name to Kynect

Dallas-based Stream, a leading direct selling company and marketer of energy and wireless services, has completed the sale of its retail energy business to NRG Retail, a subsidiary of NRG Energy, Inc., for $300 million plus working capital in an all-cash transaction. Stream’s remaining business will emerge as new brand Kynect to market energy and wireless services through its independent sales organization, and it will be the exclusive marketer to the retail energy business acquired by NRG. Stream is one of the nation’s fastest-growing retailers, serving more than 600,000 customers in nine states and the District of Columbia. The transaction is expected to increase NRG’s market share in Texas, Pennsylvania and a number of other markets in the Eastern U.S. where Stream’s retail energy business provides electricity and natural gas. With a $65 million annual EBITDA contribution, the transaction is expected to deliver greater value to NRG’s customers and shareholders.