EVANSVILLE, Ind — CenterPoint Energy Inc. is paying just under $6 billion for rival Vectren in a move that will expand the utility operator’s reach and should close in the first quarter of 2019. 

The combined company will serve more than 7 million gas and electricity customers in eight states and will hold about $29 billion in assets. CenterPoint will pay $72 per share cash for Vectren and assume the company’s debt. 

Evansville, Indiana-based Vectren Corp. provides natural gas in Indiana and Ohio, along with electricity in Indiana. It employs about 5,500 people. 

Houston-based CenterPoint has natural gas operations in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. It delivers electricity in the Houston area and currently employs nearly 8,000 people.