US-based Algonquin Power & Utilities (APUC) has completed the acquisition of assets of the regulated natural gas distribution utility from Atmos Energy for $140.7m.

APUC’s newly acquired gas distribution utility serves about 64,000 customers in Columbus and Gainesville in the US state of Georgia.

The acquisition was initially announced in August 2012 and has now been completed following final regulatory approvals.

Algonquin Power & Utilities chief executive officer Ian Robertson said the company is expanding its utility footprint in Georgia and is seeking more opportunities to further grow its business.

"Consistent with our objective of growing to more than one million customers in the US regulated utility sector by 2017, we are very pleased to have successfully closed the acquisition of this natural gas distribution utility in Georgia", Robertson added.

The company funded the acquisition using 50% equity and 50% debt consolidated capital structure.