RLM Finsbury is working Direct Energy's $1B purchase of Hess' B2B energy supply business.
DE, a Houston-based unit of publicly traded British multinational Centrica, will lay out $731M cash along with working capital of about $300M for the Woodbridge, N.J. -based energy marketing unit of Hess, which sells gas and electricity to businesses.
Hess' EM business posted $6B in revenue last year and DE said the deal will make it the largest business gas supplier on the East Coast of the U.S.
RLM Finsbury VP Will Briganti in New York is supporting DE's in-house team, including Micah Hirschfield (dir. of external relations in Houston) and Bethany Ruhe (senior mgr., external rels. in Pittsburgh).
DE operates in 46 states, Washington, D.C., and 10 Canadian provinces.
The deal is expected to close later this year.
Sard Verbinnen & Co has been working with Hess amid a revamp of the energy giant's operations, announced in March, that has included more than $4B in sell-offs in a bid to buy back shares and pay down debt.
RLM is part of WPP.
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