Genie Energy Ltd. acquired full ownership of U.K. energy supplier Orbit Energy as part of the international expansion of its portfolio.
The company paid approximately $1.4 million, net of repayment of outstanding loans, for the remaining 24% interest from its former joint venture partner. The purchase price was approximately $1.7 million.
"Genie's investment provides a streamlined management structure that will help us to respond nimbly as we continue to execute on our growth strategy," Orbit Energy CEO Gail Parker said in an Oct. 9 news release.
Orbit Energy provides electricity and natural gas service to over 100,000 residential meters in the U.K.'s deregulated retail energy market.