NRG Energy Inc., which is headquartered in Jersey City and Houston, Texas, on Friday announced the acquisition of the Houston-based company Direct energy for $ 3.625 billion.

Direct Energy, with operations in all 50 states and six provinces of Canada, is a retail supplier of electricity, natural gas, and household and commercial energy products and services, and is a subsidiary of the Company londoner Centrica SA.

The deal will build on NRG’s status as an energy supplier and add more than 3 million retail customers to its roster, expanding the company’s presence in the United States and Canada. It will also allow the combined business to reduce costs and take advantage of shared best practices.

“This combination enhances NRG’s status as one of North America’s leading integrated power companies, bringing the power of energy to people and organizations through our diverse generation platform and to our main retail brands, ”said Mauricio Gutierrez, CEO and President of NRG. “The acquisition aligns with our broader strategy of refining our integrated business model and generates significant value creation for our customers and stakeholders. Direct Energy’s complementary assets, talented team and excellent customer service make it a natural addition to our portfolio, and we look forward to welcoming Direct Energy to the NRG team.

The deal is expected to be finalized by the end of 2020.

Citi and Credit Suisse act as financial advisers and Latham & Watkins and Baker Botts LLP act as legal advisers to NRG.


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