5th Sep 2013 12:32
LONDON (Alliance News) - Energy firm Centrica PLC Thursday said its North American subsidiary Direct Energy has agreed to acquire US-based home services business AWHR America's Water Heater Rentals LLC from MWHR, a US-based investment entity, for GBP19 million in cash plus working capital.
AWHR is an independent water heater rental business in the US and provides rentals, as well as related repair and maintenance services, to 80,000 residential customers located principally in the US Midwest, Florida and US Northeast.
Direct Energy provides water heater rental services in Ontario, Canada, where it currently has 1.1 million customers.
The acquisition will provide Direct Energy with an expanded product range and the opportunity to grow its customer base further in the US, offering rentals alongside heating, air conditioning, plumbing and electrical services across its growing North American franchise business, Centrica said.
Centrica shares were trading at 391.00 pence, down 1.30 pence, or 0.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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