(Corrects name of acquired company)
LONDON, July 30 British utility Centrica
said on Tuesday that it agreed to acquire a U.S. gas provider to
businesses as part of a $731 million deal to expand its presence
in North America.
Centrica said its North American subsidiary Direct Energy
Business agreed to buy the New Jersey-based Energy Marketing
business of Hess Corporation for $731 million in cash
plus net working capital of around $300 million.
"This transaction will transform our business-to-business
operations in North America, giving us leading positions in
business gas and power supply and creating a unique dual fuel
business in the US," Centrica's chief executive Sam Laidlaw said
in a statement.
(Reporting by Sarah Young; Editing by Paul Sandle)