Direct Energy to buy Bounce Energy

The transaction is subject to regulatory review and is expected to close in the third quarter of 2013

Direct Energy, a competitive energy and energy-related services company, reached an agreement to acquire Bounce Energy, a privately-held retail electricity provider based in Houston, for $46 million in cash plus additional working capital.

The purchase of Bounce Energy is meant to bolster the company's residential business. Bounce Energy provides electricity to more than 80,000 residential and small business customers in the competitive energy markets of Texas, Pennsylvania and New York.

The transaction is subject to regulatory review and is expected to close in the third quarter of 2013.

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