LONDON, June 16 (Reuters) - The European Commission has cleared Centrica’s 1.1 billion euro ($1.5 billion) takeover of the retail arm of Irish state-owned energy supplier Bord Gais.
The EU’s executive ruled that Centrica’s expansion in Ireland did not pose any problems to competition in the energy supply market and that Bord Gais’ UK business was not large enough to give Centrica any competitive advantage there.
“The Commission ... concluded that the transaction would not raise competition concerns,” it said in a statement on Monday.
The deal includes the takeover of Bord Gais’ electricity and gas supply business, Ireland’s largest, and a 445-megawatt gas-fired power plant.
It is expected to close in the coming weeks.
$1 = 0.7345 Euros Reporting by Karolin Schaps; Editing by Mark Potter