Centrica makes new acquisition for US$731 million

July 30
3:56 AM 2013

Centrica Energy announced that they have agreed to acquire Direct Energy Business. The deal was tagged at US$731 million as part of Centrica's goal to expand its presence in North America. The company said that they have agreed to buy the energy marketing of Hess Corporation, paying in cash plus net working capital of approximately US$300.

"This transaction will transform our business-to-business operations in North America, giving us leading positions in business gas and power supply and creating a unique dual fuel business in the US," Centrica's chief executive Sam Laidlaw said in a statement.

Centrica Plc is multinational utility with headquarters in Windsor, United Kingdom. The company's principal activity is the supply of gas and electricity to business and consumers in the North America and the United Kingdom. Centrica is the largest supplier of gas to domestic consumers in the United Kingdom. They are also one of the largest providers for electricity, under the name Scottish Gas in Scotland.

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