Centrica sells holding in The Consumers’ Waterheater Income Fund
Centrica plc today announced that its Direct Energy subsidiary in North America has sold its remaining 19.9 per cent. equity holding in The Consumers’ Waterheater Income Fund (CWIF) (TSX: CWI.UN) in Canada for C$133 million (£65 million).
The sale was made to a syndicate of Canadian banks for onward sale to retail and institutional investors.
This transaction does not impact Direct Energy’s long term services and administration agreements with CWIF, which remain a significant component of Direct Energy’s home services business in Canada.
The decision by Centrica to sell follows a previous reduction in its holding from 41.9 per cent. to 19.9 per cent. in April 2003.