Unitil announced that it has agreed to purchase Bangor Natural Gas Company from PHC Utilities, Inc., a subsidiary of Hope Utilities, Inc., for $70.9M 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. 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.