25th Mar 2014 08:05
LONDON (Alliance News) - Centrica PLC Tuesday said that, together with Brookfield Renewable Energy Partners LP and iCON Infrastructure Partners II LP, it has agreed to acquire Bord Gais Energy for GBP920 million.
The FTSE 250 energy company, which owns British Gas Ltd, said that the transaction for the vertically integrated Irish energy business, owned by Irish state energy company Bord Gais Eireann, is expected for completion in the first half of 2014.
As part of the deal, Centrica will acquire BGE's gas and electricity supply business in Ireland and the Whitegate gas-fired power station, making up GBP175 million of the total enterprise value at December 31.
iCON Infrastructure will acquire BGE?s firmus energy supply and regulated gas distribution assets in Northern Ireland, and Brookfield Renewable Energy will acquire BGE?s renewable generation assets.
Centrica said the transaction provides an opportunity to acquire a vertically integrated energy supply business in an adjacent market and provides a platform for growth in Ireland.
The BGE supply business is the largest dual fuel supplier in Ireland, with approximately 650,000 residential gas and electricity accounts and 30,000 business accounts, while the 445 megawatt Whitegate gas-fired power station in Cork, commissioned in December 2010, should provide efficient and flexible generation capacity to the company.
?As a leading supplier in competitive markets, Centrica is the natural home for BGE at this very moment when the Irish energy industry is on the eve of deregulating gas supply. We are delighted to acquire the strong Bord Gáis brand and welcome the exceptional BGE team to the wider Centrica family," Managing Director for Ireland, Eddy Collier said in a statement.
Centrica shares are flat at the open Tuesday at 331.49 pence.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Centrica