Centrica To Buy US Home Services Business For $183M

10th Jun 2010 07:10

LONDON (Dow Jones)--Centrica PLC (CNA.LN) Thursday announced that its North American subsidiary, Direct Energy, has reached an agreement to acquire the assets of the pan-North American home services business, Clockwork Home Services Inc, for a cash consideration of $183 million (GBP126 million), including assumed debt. MAIN FACTS: -Clockwork is a home services businesses in North America and provides on-demand services to around one million households annually across 47 U.S. states and two Canadian provinces. -It has around 1,000 employees, supplying heating, cooling, plumbing and electrical services through its wholly owned retail operations, and also has franchise operations and an affinity program for independent contractors. -The combined services business will operate across the United States and Canada, providing air conditioning, heating, plumbing, electrical and energy efficiency-related products and services to homes and businesses. -Combined revenues across Clockwork's own businesses and its independent affinity clients, plus DE Services, are almost $4 billion, which facilitates significant procurement advantages. -Shares closed Wednesday at 277.9 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires June 10, 2010 02:10 ET (06:10 GMT)