Jul 24, 2020

Centrica to sell US unit to NRG Energy for $3.6bn

Centrica, the owner of British Gas, will sell its US business to NRG Energy for $3.6bn in cash, it said on Friday, in a move aimed at reducing its debt and salvaging its defined-benefit pension scheme. Chris O'Shea, the chief executive who previously served as finance boss, said the disposal of Direct Energy was "Aligned with strategy to become a simpler, leaner business". The move by Mr O'Shea effectively ends Centrica's international ambitions, with the company refocusing on its "Core" businesses in the UK and Ireland. Centrica fell out of the UK's blue-chip FTSE 100 in June. News of the disposal, which Centrica said came as an unsolicited offer from US-based NRG Energy, came as the company announced its half-yearly results.

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