Centrica subsidiary Direct Energy, an energy-related services provider, has signed an agreement to purchase US-based electricity provider First Choice Power for $270m in cash.
This acquisition gives Direct Energy access to the Texas-New Mexico power territory, thereby increasing its customer base in line with the company’s growth plan.
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The transaction is subject to regulatory approvals and is expected to close during the final quarter of 2011.
First Choice Power, a subsidiary of PNM Resources supplies retail electricity to residential and commercial customers across Texas, US.
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