NRG to Acquire Direct Energy
HOUSTON — NRG Energy announced it has agreed to acquire Direct Energy, a North American subsidiary of Centrica PLC for $3.6 billion in an all-cash transaction.
"The transaction builds on NRG’s status as a growing, customer-driven integrated energy provider, adding more than three million retail customers across 50 states and Canada," NRG said.
Direct Energy is one of North America’s leading retail providers of electricity, natural gas, and home and business energy-related products and services, with operations in all 50 U.S. states and 6 Canadian provinces.
NRG generates electricity and provides natural gas and energy solutions to more than 3.7 million residential, small business, and commercial and industrial customers in the United States and Canada
NRG said the acquisition supports its integrated model, enabling better matching of power generation with customer demand, while broadening its presence into states and locales where it does not currently operate.
“This combination improves NRG’s status as one of North America’s premier integrated power companies, bringing the power of energy to people and organizations through our diverse generation platform and leading retail brands,” said NRG President and CEO Mauricio Gutierrez.
Closing for the transaction is targeted by year end 2020.
Citi and Credit Suisse are serving as financial advisors and Latham & Watkins and Baker Botts LLP. are serving as legal counsel to NRG.
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