British Gas-owner Centrica surges on £2.8bn sale of US business

A British Gas sign outside one of its offices. Photo: PA
A British Gas sign outside one of its offices. Photo: PA

Centrica (CNA.L), the owner of British Gas, has agreed to sell-off its US energy business for $3.6bn (£2.87bn) as part of a turnaround plan.

Centrica said on Friday it had agreed to sell its Houston-based subsidiary Direct Energy to NRG Energy (NRG) for $3.6bn in cash.

News of the deal sent Centrica’s share price surging over 35{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} at the open in London.

Centrica chief executive Chris O’Shea said the deal was part of plans “to become a simpler, leaner business” that was “focused on the