Friday, 23 September 2011

UK's Centrica buys Texas energy retailer for $270 mln

British utility Centrica (LSE: CNA.L - news) agreed to buy Texas-based energy retailer First Choice Power from smaller U.S. peer PNM Resources (NYSE: PNM - news) for $270 million in cash, as the UK firm looks to expand and strengthen its North American customer base.

Irving, Texas-based First Choice Power, a wholly owned unit of PNM Resources, has more than 220,000 residential and commercial electricity customers in Texas, Centrica's unit Direct Energy said in a statement.

Direct Energy said the acquisition would take the total number of its electricity customer accounts in the state to more than 830,000.

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