A fund managed by BlackRock Real Assets’ Global Energy & Power Infrastructure group has completed its $196m acquisition of Ohio-based Gas Natural.
Originally, the proposed merger was made by First Reserve Energy Infrastructure Funds in October last year. As per the terms of the agreement, upon completion of the merger, Gas Natural stakeholders were to be paid $13.10 in cash for each share they held in the company.
In June, the global private equity and infrastructure investment firm, First Reserve Energy was acquired by BlackRock Real Assets for an undisclosed price.
For Gas Natural, the merger will provide it with improved access to capital and at the same time help it to continue delivering safe, reliable and cost-effective natural gas service.
Headquartered in Cleveland, Gas Natural distributes and sells natural gas to around 70,000 residential, commercial and industrial customers across the states of Montana, Ohio, Maine and North Carolina through regulated utilities operating in the regions.
Apart from distributing about 21 billion cubic feet of natural gas, Gas Natural also carries out activities relating to natural gas production and natural gas marketing along with intrastate pipeline.
According to BlackRock Real Assets, the acquisition of Gas Natural will lay a new platform in the natural gas distribution sector for its Global Energy & Power Infrastructure group.
A part of the Real Assets platform of BlackRock, the Global Energy & Power Infrastructure group owns and operates energy infrastructure assets located in North America, Latin America, Southeast Asia and Europe.
In the last seven years, the Global Energy & Power Infrastructure group has announced or completed over 20 strategic investments that are focused on power, regulated transmission and distribution, midstream and other energy assets backed by contracts.