The combination creates a combined energy company serving approximately 200,000 customers in the Mid-Atlantic and Florida markets with assets totaling approximately $595m.
As reported, Chesapeake and Florida Public Utilities recognized $291.4m and $168.5m in revenues, respectively, and $13.6m and $3.5m in net income, respectively, for 2008.
John Schimkaitis, president and CEO of Chesapeake, said: “Today marks the beginning of an exciting new era in Chesapeake history. We believe this merger is a great strategic fit for both companies and we are pleased with how quickly the merger was consummated.”
Mr Schimkaitis becomes the chairman and CEO of Florida Public Utilities in addition to serving as president and CEO of Chesapeake. Jack English, former chairman, president and CEO of Florida Public Utilities, will stay on as a consultant and assist in the integration effort.
The definitive merger agreement was revealed on April 20, 2009 and the transaction received all regulatory and shareholder approvals in approximately six months. The transaction was approved by both companies’ shareholders on October 22, 2009.
Florida Public Utilities distributes electricity, propane and natural gas to residential, commercial and industrial customers in Florida. Chesapeake is engaged in natural gas distribution, transmission and marketing, propane distribution and wholesale marketing, information services and other related businesses.
