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
-
'We face a £6m inheritance tax bill under Reeves's changes – it's sheer terror'Thousands of families fear they’ll have no option but to look at selling their firms in a fire sale to pay inheritance tax bills, due to Rachel Reeves’s changes to business property relief
-
Millions of over 50s fear pension investment risk – how should you position your portfolio?To de-risk or not to de-risk, that is the question. Act too late and you could face irreversible losses. Move too early and miss out on significant gains that could transform your retirement.
