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EnerCare strikes $550-million deal, aims to silence critics

Canadian water heater company EnerCare Inc. is reuniting with a company it split from more than a decade ago in an acquisition worth more than $550-million. It’s a deal that management hopes will calm restless shareholders.

EnerCare said Thursday it would buy the part of Direct Energy Marketing Ltd. focused on water heater rental, plumbing maintenance, and HVAC services, with a workforce of installation professionals and technicians. This deal reunites EnerCare’s financing side of the business with Direct Energy’s service business.