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Centrica buys Denmark energy management firm Neas for 170 mln stg

Reuters - UK Focus

LONDON, April 21 (Reuters) - British utility group Centrica (Amsterdam: CC8.AS - news) said on Thursday it has agreed to buy Denmark-based energy management firm Neas Energy for 170 million pounds ($243.9 million) to build on its marketing and trading activities in mainland Europe.

Centrica (LSE: CNA.L - news) , which in British Gas owns the UK's biggest energy supplier, said that Neas's short-term power trading expertise in north west Europe would complement its exiting longer-term gas and power trading business.

The deal was worth 1.6 billion Danish crowns in cash plus adjustments for cash and net working capital, Centrica said.

Centrica's foray into Denmark comes as it has been hit hard by weak energy prices and fiercer competition in its home market. It (Other OTC: ITGL - news) said last year it would cut 6,000 jobs as part of a cost-saving drive. ($1 = 0.6970 pounds) (Reporting by Sarah Young, editing by James Davey)