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Centrica has conditionally agreed to acquire a controlling 51% stake in the Belgian Energy company SPE.

Through a 50/50 joint venture with Gaz de France,

has conditionally agreed to acquire a controlling 51% stake in the Belgian Energy company SPE in a deal which values SPE at 760 million Euros.

At the same time, Centrica’s existing 50/50 joint venture energy supply business in Belgium, Luminus, and ALG Nègoce, Gaz de France’s 50/50 retail joint venture in Belgium, will be acquired by SPE for shares, valuing the entities at 207 million Euros and 2 million Euros respectively.

The 49% balance of the enlarged SPE will be held by existing Belgian shareholders of SPE, Publilum (Centrica’s existing partner in Luminus) and ALG.

SPE is the second largest power generation company in Belgium with around 1.6 GW of principally gas-fired production capacity and around 400 MW of capacity secured under long term procurement contracts.

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