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Centrica’s US unit agrees to buy New York rival for £55m in cash
CENTRICA has reported that its North American subsidiary, Direct Energy, has agreed to acquire the New York-based energy retailer Gateway Energy Services for $90m (£55m) in cash.
Gateway has more than 275,000 gas and electricity customer accounts, located mainly in New York State, New Jersey and Pennsylvania.
This acquisition will further strengthen Direct Energy’s position as a leading competitive energy retailer in North America, increasing its residential and small business customer relationships to more than 800,000 in the US.
Chris Weston, president of Direct Energy, said: “Competitive retail markets in the North Eastern United States provide us with opportunities to grow.”