IDT Energy To Buy Diversegy - Quick Facts

(RTTNews) - Retail energy provider IDT Energy, a subsidiary of Genie Energy Ltd (GNE), Monday said it will acquire Dallas-based Diversegy, LLC., a retail energy advisory and brokerage company, and its network marketing channel, Epiq Energy. The terms of the deal were not disclosed. Epiq Energy offers its direct marketing representatives the opportunity to earn commissions on energy supply based on the consumption of the customers they bring into the program.

"Through Diversegy and Epiq Energy, we have acquired access to two new customer acquisition channels, and expanded our geographic reach beyond our current service area," said Geoff Rochwarger, CEO of IDT Energy. "Through Epiq Energy's retail energy marketing program, we expect to boost our residential customer acquisition efforts. Diversegy will help us broker competitive offerings for large commercial and industrial customers beyond our current footprint," concluded Rochwarger.