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Centrica offloads Italian, Dutch and Hungarian energy solutions businesses
(Sharecast News) - Energy and services firm Centrica said on Monday that it has completed the disposal of a number of non-core energy solutions businesses. Centrica said its energy solutions businesses in Italy and the Netherlands have been sold to Joulz, a 3i Infrastructure portfolio company, while its Hungarian business has been disposed of via a management buyout.
The FTSE 100-listed company also said it has finalised the sale of Panoramic Power, with total proceeds from the transactions said to be over £80m.
Chief executive officer Chris O'Shea said: "These transactions reflect a strategic decision to focus our resources on Centrica Business's core growth and innovation priorities which will better position the business to pursue new opportunities and accelerate growth in key markets.
"Building on our recent sales from Spirit Energy, these transactions demonstrate Centrica's commitment to recycling capital from non-core assets into new investment opportunities across the group, including long-term regulated and contracted assets such as Sizewell C and Grain LNG."
As of 0820 GMT, Centrica shares were up 0.34% at 192.20p.
Reporting by Iain Gilbert at Sharecast.com
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