Unitil to Purchase Bangor Natural Gas Company from Hope Utilities, Inc.
UNITIL Corporation (UTL)
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US:NYSE Investor Relations:
unitilcorp.gcs-web.com/corporate-governance/highlights
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Source: GlobeNewswire
HAMPTON, N.H., July 09, 2024 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) (unitil.com) today announced that Unitil has agreed to purchase Bangor Natural Gas Company (“Bangor”) from PHC Utilities, Inc., a subsidiary of Hope Utilities, Inc., for $70.9 million on a debt-free basis, subject to customary adjustments for closing working capital and transaction expenses. Bangor’s enterprise value represents a multiple of approximately 1.2 times its rate base (based on its estimated rate base as of December 31, 2023). Upon the closing of the transaction, which is expected to occur by the end of the first quarter of 2025, Bangor will become a wholly owned subsidiary of Unitil. The transaction is subject to approval by the Maine Public Utilities Commission as well as other conditions to closing. “Bangor Natural Gas Company is a great complement to our current natural gas distribution operations in Maine,” said Thomas P. Meissner, Jr., Unitil’s Chairman and Chief Executive Officer
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