JACKSON—CMS Energy (NYSE: CMS) announced the close of its previously announced sale of home improvement point-of-sale lender EnerBank USA to Regions Bank, a subsidiary of Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF).
Estimated proceeds from the transaction, which include customary adjustments at closing, are approximately $1 billion and will be used to fund key initiatives in CMS’ core utility businesses.
“EnerBank has been a valued part of the CMS Energy family for nearly two decades.” said Rejji Hayes, executive vice president and CFO of CMS Energy and former board chair of EnerBank. “They have delivered consistently for all stakeholders and we look forward to their continued success with Regions.”
CMS Energy is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses. More at cmsenergy.com.