The transaction was finalised for a total consideration of $4.5m, paid in cash and common stock.
The pipeline will be used to transport gas in the state of Maine, from Searsport to Limestone to different parcels of land.
Gas Natural chairman and chief executive officer Richard M Osborne said the company has identified the state of Maine as a market to grow because of the low presence of natural gas as a source of energy for residential and industrial use.
"This acquisition represents a significant investment and expansion of our systems in Maine, and complements our existing service area, as the pipeline stretches from the eastern coast into northern Maine, crossing through our natural gas service area in Bangor," Osborne added.
The company has plans to recondition and convert the liquid pipeline into natural gas pipeline, and will complete the transition work in
phases.
