Centrica acquires US on-line electricity retailer

Britain’s Centrica (CNA: L)has confirmed it is to purchase Bounce Energy, a Texas-based on-line electricity retailer, in a $46m deal.

Bounce Energy has over 80,000 residential customers, predominantly based in Texas.

Centrica’s North American subsidiary Direct Energy is making the acquisition, and is said to mark an important development in UK supplier’s North American residential energy business.

moved into the North American energy-supply market in 2000 with the acquisition of Canada-based Direct Energy for $613m.

Direct Energy’s operations were subsequently expanded through a number of acquisitions, including of Enbridge Services for à‚£660m in January 2002.

This latest deal is subject to regulatory approval but is expected to be finalized by the end of this month.

For more Mergers & Acquisitions news.

For more World news.

No posts to display