The companies will combine to provide heating and cooling, plumbing, and electrical services to more than three million households annually in North America.
The combined organization is expected to operate in almost every US state and Canadian province providing repair and maintenance services to customers’ heating and cooling systems as well as energy efficiency related services to both homes and businesses.
The new organization will also focus on obtaining state, provincial and federal energy efficiency funding that is available to help make North American homes energy efficient, the companies said.
Chris Weston, president and CEO of Direct Energy, said: “The addition of Clockwork Home Services to our services business helps deliver on Direct Energy’s growth strategy of being North America’s leading integrated energy and services company.
“This acquisition will also allow us to increase the proportion of households that Direct Energy serves where we can offer both services and energy supply from 30% to 55%, with the opportunity to increase our integrated offerings through new Clockwork franchises.”
The transaction, which remains subject to certain customary conditions including approval by regulators in the US and Clockwork’s shareholders, is expected to be completed in the third quarter of 2010.
