Gas giant Centrica has agreed a near-£500million deal to buy a US B2B gas supplier as it strengthens its position in America.
The deal, worth £478million in cash plus working capital of around £195million, will make Centrica’s US subsidairy Direct Energy the second largest B2B energy supplier in the country.
Energy Marketing, previously owned by the Hess Corporation, provides power to more than 23,000 customers and last year supplied 378billion cubic feet of gas.
“This transaction will transform our B2B operations in North America, giving us leading positions in business gas and power supply and creating a unique dual fuel business in the US,” said Centrica chief executive Sam Laidlaw.
“It marks a significant step towards delivering on our strategy – substantially increasing the scale of our North American downstream business and integrating along the gas value chain – with the aim of doubling the profitability of our North American downstream business over the next 3-5 years.”
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