Centrica Pays $110M For 2 Iberdrola Units

Law360, New York (July 12, 2012, 1:21 PM EDT) -- A subsidiary of Centrica PLC, the U.K.'s biggest residential gas provider, agreed Thursday to buy two Iberdrola SA units in the U.S. northeast for $110 million, adding 245,000 customers to its fold and signaling a resurgence in consolidation among smaller, independent energy retailers.

Centrica's North American business, Direct Energy Services LLC, will acquire New York-based Energetix Inc. and NYSEG Solutions Inc. in an all-cash deal that includes a working capital commitment. The two companies operate in New York and Pennsylvania, where Direct Energy already has about...
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