Hess Selling Energy Marketing Business For $1.03B To Centrica

Hess Corp. (NYSE:HES) entered into an agreement with Direct Energy, Centrica PLC (OTCMKTS:CPYYY) (LON:CNA)’s North American Unit to sell its energy marketing business for $1.03 billion.

The proposed deal involves Centrica PLC (OTCMKTS:CPYYY) (LON:CNA) buying Hess’ energy marketing business for $731 million in cash and about $300 million in working capital.

Hess Corp. (NYSE:HES)’ energy marketing business serves 23,000 commercial, industrial and small business customers spread across 18 states in eastern United States. The proposed deal would help Centrica to expand its presence in North America.

Sale to facilitate buyback