EnerCare to buy Centrica's Ontario water heater business

|By:, SA News Editor

EnerCare (OTCPK:CSUWF) agrees to acquire Centrica's (OTC:CPYYF) Ontario-based water heater repair and services business for ~C$550M to bolster its rental water heater operation.

The planned deal comes as EnerCare comes under pressure from 11.7%-owner Augustus Advisors, which last week accused EnerCare of resisting its proposed takeover offer of up to C$15/share.