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(Alliance News) - Energy supplier Centrica PLC said Monday it has cleared its final hurdle for the sale of its North American business to NRG Energy Inc.
Centrica in July announced its plans to sell Direct Energy for USD3.63 billion in cash, as part of an ongoing business restructuring programme to focus back on the UK and Ireland businesses.
In early October, NRG received notice from the US Department of Justice and the Federal Trade Commission granting early termination of a waiting period for the sale.
NRG was only waiting approval from the Federal Energy Regulatory Commission - which Centrica noted on Monday the US firm has now received.
The disposal increases the long-term strength of Centrica's balance sheet, it had previously said, with proceeds intended to be used to reduce net debt significantly and to make a contribution to the defined benefit pension schemes.
Shares in Centrica were 3.4% lower in London on Monday at 44.22 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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