With all closing conditions now satisfied, Elkton Gas becomes the newest wholly-owned subsidiary of Chesapeake Utilities
Chesapeake Utilities Corporation completes acquisition of Elkton Gas. (Credit: Horst Tinnes from Pixabay)
Chesapeake Utilities Corporation (Chesapeake Utilities) (NYSE: CPK) announced today the completion of its acquisition of Elkton Gas from South Jersey Industries (SJI) (NYSE: SJI). With all closing conditions now satisfied, Elkton Gas becomes the newest wholly-owned subsidiary of Chesapeake Utilities. Chesapeake Utilities recently announced final regulatory approval from the Maryland Public Service Commission for the acquisition.
Incorporated in 1863, Elkton Gas delivers safe, reliable and affordable natural gas to approximately 7,000 residential and commercial customers within a franchised area of Cecil County, Maryland. Elkton Gas will continue to operate out of its existing office with the same local personnel. Chesapeake Utilities currently serves another franchised area of Cecil County, Maryland with natural gas service and has been managing its expansion into this area largely from its Delaware operations. With the addition of the Elkton Gas team and facilities, the entire County can be served locally from the existing office.
“We are pleased to welcome the dedicated team of Elkton Gas employees and our new Elkton Gas customers to our Company,” said Jeff Householder, President and CEO of Chesapeake Utilities Corporation. “This move is a natural fit and we are excited about our prospects for natural gas distribution expansion in this growing area.”
“The collaboration with Chesapeake Utilities ensured the timely completion of this sale and a seamless transition for Elkton Gas customers,” said Christie McMullen, President and Chief Operations Officer, Elizabethtown Gas and Elkton Gas. “We are confident that Elkton Gas customers will continue to receive the outstanding service they expect and deserve as part of Chesapeake Utilities.”
Source: Company Press Release