Liberty Utilities, a unit of Canada-based Algonquin Power & Utilities Corp (APUC) will acquire regulated natural gas distribution utility assets located in the US state of Georgia, from Atmos Energy Corporation for a total consideration of $140.7m.

The APUC unit expects to buy net property, plant and equipment assets of Atmos Energy, for $128.1m, which provides local natural gas distribution service to about 64,000 customers.

Recently, Liberty Utilities has also reached an agreement to acquire a regulated water distribution utility in Pine Bluff, Arkansas from United Waterworks for $28.6m.

The company expects to buy assets of United Waterworks, which provides water distribution service to about 17,000 customers in the state, for rate making purposes of nearly $24.6m.

APUC chief executive officer Ian Robertson said the acquisitions affirm Liberty Utilities’ successful approach to growth through the continued sourcing of high quality assets from larger utilities to add to its portfolio.

"With the recent closing of the utility acquisition in New Hampshire and the closing of our mid-states natural gas distribution acquisition from Atmos Energy, we are well positioned to pursue the regulatory approval and transition activities associated with these next acquisitions," said Robertson.

The acquisitions, subject to state and federal regulatory approvals and other closing conditions, will close in mid 2013.