Centrica (CNA) has teamed up with Brookfield Renewable Energy Partners and iCON Infrastructure Partners to acquire state-owned Irish energy business, Bord Gáis Energy (BGE). The total consideration is €1.1bn (£920m) but BGE will be divided up between the acquirers, with Centrica taking the Irish gas and electricity supply business and a 445MW gas-fired power station in County Cork, which together make up €210m (£175m) of BGE's total enterprise value.
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Centrica says the acquisition, which should be earnings-enhancing in its first full year, "provides a platform for growth in Ireland", where BGE is the largest dual fuel supplier with 650,000 residential energy accounts and 30,000 business accounts.
