Below is the release from this morning. Purchase price is US $575 per residential (electricity) customer.
12 July 2013 – UK energy group Centrica Plc’s (LON:CNA) North American unit Direct Energy LP said today it had agreed to take over retail electricity provider Bounce Energy Inc for USD46m (EUR35.2m) in cash plus additional working capital.
The target, which was set up in 2008 by CEO Robbie Wright and six other founders, currently has around 80,000 residential customers, mainly in Texas. It offers an online platform for marketing products and servicing customers’ accounts.
The purchase, which is in line with Direct Energy’s growth strategy, will enhance the company’s residential business, as well as its digital marketing and e-commerce capabilities, it said. For its part, the target commented that it would benefit from the strong financial position and the large operational footprint of Direct Energy.
The deal, which hinges upon regulatory clearance, is seen closing in the third quarter of 2013.