Unitil Corporation (NYSE: UTL) has completed its acquisition of Bangor Natural Gas Company from PHC Utilities, Inc., a subsidiary of Hope Utilities, Inc.
The deal, initially announced last July, received all necessary approvals, including those from the Maine Public Utilities Commission, and officially closed today. This acquisition significantly expands Unitil’s presence in Maine.
Bangor Natural Gas, operating since 1998, brings approximately 8,500 customers, along with over 350 miles of distribution and transmission pipelines, into the Unitil network. This acquisition adds to Unitil’s existing operations, bringing the total number of customers served across Maine, New Hampshire, and Massachusetts to approximately 207,000.
The purchase price was 70.9 million, plus approximately 0.3 million for estimated working capital. Scotiabank and the law firm of Dentons advised Unitil on this transaction.
Unitil CEO Tom Meissner expressed enthusiasm about the acquisition, noting Bangor’s strong team and commitment to reliable service. “Bangor is an excellent complement to our existing operations,” Meissner stated, adding, “We look forward to providing the high level of service Bangor’s customers expect.” The acquisition underscores Unitil’s continued commitment to expanding its natural gas distribution network in the region.
Bangor is an excellent complement to our existing operations. We look forward to providing the high level of service Bangor’s customers expect.
Unitil CEO Tom Meissner
While the company anticipates smooth integration, it’s important to acknowledge the inherent uncertainties and risks involved in such transactions, which are detailed in the company’s SEC filings. Investors are advised to review those documents for a full understanding of the potential challenges ahead.
Source: Unitil Corporation
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