Kirkland Aids Hess In $1B Marketing Biz Sale

Law360, New York (July 30, 2013, 1:17 PM EDT) -- Hess Corp. has sold its energy marketing business to British utility Centrica PLC for more than $1 billion, the company said Tuesday, following a slim-down strategy pushed by the hedge fund that earlier this year elbowed its way onto the company's board.

Centrica's North American subsidiary will pay $731 million in cash plus another $300 million in estimated working capital for the business, which supplies 23,000 customers in the eastern U.S. with gas and electricity. With it will go a chunk of Hess' trading business, which...
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