BILBAO (dpa-AFX) - Energy and energy-related services company, Direct Energy, Thursday announced that it has entered into a definitive agreement with Iberdrola USA, a subsidiary of Iberdrola S.A (IBSDF.PK) to acquire two of its wholly-owned subsidiaries, Energetix Inc and NYSEG Solutions Inc, for a total consideration of approximately $110.2 million in cash, plus additional working capital.
The company further stated that both Energetix and NYSEG Solutions, based in Rochester and Binghamton in New York respectively, supply retail electricity and natural gas to residential and commercial customers in New York and Pennsylvania.
Direct Energy further added that the two companies operate as a single retail organization, marketing under the Energetix and NYSEG Solutions brands.
The company stated that the acquisition further strengthens Direct Energy's strong position in the New York state gas and power markets, increasing the number of customers by approximately 245,000.
Direct Energy revealed that the transaction is expected to be completed in the third quarter of 2012, subject to regulatory review.
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