Unitil (UTL) has provided an announcement.
Unitil Corporation struck a deal to acquire Bangor Natural Gas Company for $70.9 million in cash, with the transaction expected to close by early 2025. The purchase will be financed through a mix of equity and debt, including a $71 million loan from The Bank of Nova Scotia. The agreement includes customary representations, warranties, and indemnifications, and is contingent on regulatory approvals. This strategic acquisition aims to expand Unitil’s energy portfolio, although it comes with the usual forward-looking uncertainties and risks inherent in such financial ventures.
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