“This is obviously tough news for the Now team, and we’re committed to working with the Now management team to support them well throughout,” he said.
The plan was to migrate Now’s residential customers to Mercury.
Now would help its business customers transition to new providers, Neustroski said.
Mercury has owned 100% of Now since 2022, after initially acquiring around half of the business in 2021.
In December 2022, Mercury acquired the remaining shares of Now that it did not already own, having made an initial investment of 48% in March 2021.
Shares in Mercury were trading at $6.81 today, up 10.9% in the past year.
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