Energy provider Centrica has agreed to acquire the New York-based energy retailers Energetix and NYSEG Solutions, which operate as a single retail organisation, in order to strengthen its position in north-east America.
The acquisition, made through Centrica's North American subsidiary Direct Energy, will cost the company $110m (£71m) in cash, plus additional working capital, and is expected to deliver economies of scale and significant cost savings through integration of the businesses with Direct Energy's existing operations.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Zohran Mamdani, "Trump's worst nightmare", wows New YorkZohran Mamdani, 33, has won the Democratic candidacy to be mayor of New York. That has energised his supporters and enemies alike – and terrified the rich
-
What's behind the big shift in Japanese government bonds?Rising long-term Japanese government bond yields point to growing nervousness about the future – and not just inflation
