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Just Energy to sell U.K. operations to Shell for C$17M

Just Energy to sell U.K. operations to Shell for C$17M

|About: Just Energy Group Inc. (JE)|By: , 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.

SOURCE

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