) is to sell its North American subsidiary Direct Energy for $3.63 billion, sending shares in the British Gas owner up more than 38%.
The company plans to use the cash from the sale to reduce net debt and contribute to its pension schemes. Following the sale, Centrica will focus on its home markets, the UK and Ireland. Last month, Centrica said it planned to cut around 5,000 jobs, almost 20% of its global workforce, as it deepened restructuring efforts in the wake of the COVID-19 pandemic.The group reported a 14% drop in half-year operating profit to 343 million pounds from 399 million a year earlier. This was due to the pandemic which reduced energy use and weakened commodity prices.
‘British Gas,’ do you get that from eating British food? 😊 BritishGas GruelBritannia
The company plans to use the cash from the sale to reduce net debt and contribute to its pension schemes. Following the sale, Centrica will focus on its home markets, the UK and Ireland.
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