ERM Power
(ASX:EPW) has sold Source Power & Gas, which is its American residential electricity retailing business, for around US$11 million.
ERM is an electrical utilities company in Australia, which primarily services the commercial and industrial business.
The company was pleased with this sale as the US$11 million price tag is higher than what it originally paid for back in early 2015.
This sale is part of ERM’s strategy to divest its non-core US residential assets, as the company plans to focus exclusively on growing its Commercial and Industrial customer base.
This morning, shares in ERM dropped 1.1% to $1.33.
