Unitil to purchase Maine Natural Gas Company from Avangrid for $86M

Unitil (UTL) has entered into a definitive agreement to acquire Maine Natural Gas Company from Avangrid Enterprises for $86.0M on a debt-free basis, subject to adjustment for closing working capital and transaction expenses. Upon closing of the transaction, which is expected to occur by the end of 2025, Maine Natural will become a wholly owned subsidiary of Unitil. The transaction is subject to approval by the Maine Public Utilities Commission. Maine Natural Gas Company commenced operations in 1999 and serves approximately 6,300 residential and commercial natural gas customers in nine communities in the Greater Portland region of Maine, as well as the capital city of Augusta. Maine Natural is estimated to have approximately $69.0M of rate base as of December 31, 2024. Customer growth over the most recent five-year period averaged 4.4% annually. The transaction is expected to be earnings accretive over the long-term, supporting Unitil’s long-term EPS growth of 5% to 7%.