Centrica to buy PH Jones for £30 Million in cash

May 16, 2011 | Budget & Investment, North Sea & Western Europe

Centrica_exploration

Centrica Plc, the parent company of British Gas, said Monday its British Gas Community Energy division has acquired PH Jones Group Ltd, a provider of central heating services to the social housing market, for GBP30 million in cash.

Transaction includes PH Jones’ social housing business, which provides central heating service and repair for around 250,000 properties fewer than 42 contracts.

Deal also carries out over 8,000 central heating installations every year through 28 contracts within the social housing sector. Shares closed Friday at 317 pence valuing the company at GBP16.36 billion.