RTTNews | Jun 8, 2021 09:23AM EDT

09:23 Tuesday, June 8, 2021 (RTTNews.com) - CMS Energy (CMS) agreed to sell its wholly-owned subsidiary, EnerBank USA, to Regions Bank, a subsidiary of Regions Financial Corp. (RF) for cash in a transaction valued at $960 million.

The transaction is expected to close in the fourth quarter of 2021.

CMS Energy reaffirmed its consolidated full-year 2021 adjusted earnings guidance of $2.83 - $2.87 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $2.86 per share for fiscal year 2021. Analysts' estimates typically exclude special items.

The company maintained its annual dividend per share of $1.74.

CMS Energy also introduced 2022 adjusted earnings guidance of $2.85 - $2.87 per share, reflecting the exclusion of EnerBank, and reaffirmed long-term adjusted earnings per share growth of 6 to 8 percent. Analysts expect annual earnings of $3.06 per share.

Read the original article on RTTNews ( https://www.rttnews.com/3200822/cms-energy-to-sell-subsidiary-enerbank-usa-to-regions-bank-in-960-mln-deal.aspx)

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