EnerCare Inc. announced that it has completed its previously announced acquisition of the Ontario home and small commercial services business of Direct Energy Marketing Limited

The purchase price of the acquisition was approximately $550 million (Canadian $).

Prior to the close, Direct Energy had nearly 1.9 million home services contracts in Ontario, providing a range of plumbing, heating, ventilation, air conditioning and other related services.

Under a licensing agreement, EnerCare will continue to use the Direct Energy brand for a 12-month transitional period

Concurrent with the closing of the acquisition, EnerCare and Direct Energy entered into a transition services agreement pursuant to which Direct Energy will provide certain transition services to EnerCare relating to, among other things, the provision of ongoing information technology, other support and information technology decoupling services for an initial period of 15-months, subject to extension by either party for up to two additional 3-month terms.

Tags:
Direct Energy   EnerCare   Ontario   M&A  

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