Centrica (CNA) plans to raise £750m via a share placing to institutional investors, equivalent to around 7 per cent of its issued capital or around 350m shares.
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The British Gas-owner wants to accelerate its customer-facing strategy by acquiring energy management business Neas Energy. Meanwhile another customer-facing business acquisition is nearing completion for a consideration of around £150m, management said. However, while management expects sources of cash to remain balanced after the purchases, the credit metrics required for its BBB+ rating are under pressure. The placing would raise £350m for the acquisitions and £400m for lowering of debt.
