Just Energy to sell U.K. operations to Shell
for C$17M
|About: Just Energy Group Inc. (JE)|By: Carl Surran, SA News Editor
Just Energy (NYSE:JE) +4.7% after-hours on news it agreed to sell its U.K. operations to Shell Energy Retail Ltd. (RDS.A, RDS.B) for ~C$17M.
JE says the sale of Hudson Energy Supply UK will help narrow its geographic focus and concentrate on its core operations.
In addition, JE says it has identified another C$20M/year in cost savings, to bring total annualized cost savings initiatives announced so far to C$60M.
The company also says the strategic review process initiated in June is ongoing, and it has not set a specific timeframe for the conclusion of the review.