Direct Energy Closes Acquisition of First Choice Power
Deal Strengthens Energy Company's Texas business
HOUSTON, Nov. 1, 2011 /PRNewswire/ -- Direct Energy, one of North America's largest competitive energy and energy-related services providers, has finalized its acquisition of residential and commercial energy retailer First Choice Power for $270 million in cash, plus additional working capital.
The deal increases Direct Energy's customer relationships by more than 220,000, and follows a successful acquisition of Gateway Energy Services in Direct Energy's US Northeast footprint which expanded its presence in New York, New Jersey, and Pennsylvania. First Choice Power will continue serving its customers under the First Choice Power brand and terms of existing pricing plans will stay the same.
"We welcome customers and employees of First Choice Power and look forward to demonstrating our commitment to providing excellent customer service and innovative products to those homes and businesses that choose us as their energy partner," said Steven Murray, President, Direct Energy Residential. "This acquisition reinforces our presence in Texas, while expanding our small commercial and rural customer base across the state."
About Direct Energy
Direct Energy is one of North America's largest energy and energy-related services providers with over 6 million residential and commercial customer relationships. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE: CNA), one of the world's leading integrated energy companies. Direct Energy operates in 46 states plus DC and 10 provinces in Canada. To learn more about Direct Energy, please visit www.directenergy.com
SOURCE Direct Energy
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