Centrica Unit To Buy First Choice Power For $270M

Law360, New York (September 23, 2011, 3:54 PM EDT) -- British energy giant Centrica PLC said Friday that its Direct Energy unit would pay $270 million in cash to buy Irving, Texas-based First Choice Power, as part of a bid to grow Direct's North American business.

Direct Energy, already one of North America's largest energy providers, will acquire from First Choice 220,000 customer accounts in largely rural areas of Texas, the company said. The deal will make Direct Energy the third largest energy retailer in Texas and build on its plans to expand its electricity supply...
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