Centrica plc announced today that it has agreed the sale of the electricity and gas customer supply business of Oxxio BV, its subsidiary in The Netherlands, to Eneco BV for €72 million (£63 million) in cash.
The sale of Oxxio completes Centrica's withdrawal from Continental European retail energy supply markets, following the disposal of businesses in Belgium and Spain, and supports our strategy of directing our capital to areas where the best returns can be achieved.
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1) The transaction is subject to regulatory approval and is expected to close in June 2011.
2) The value to be received by Centrica is subject to adjustments relating to working capital, the mark to market valuation of the power procurement book and proceeds from the realisation of certain tax and other assets.
3) Centrica retains upstream and midstream activities in the Netherlands and Germany.