SJI, an energy services company has completed its previously announced acquisition of New Jersey-based Elizabethtown Gas and Maryland-based Elkton Gas from a subsidiary of Southern Company Gas.
Image: SJI completes acquisition of Elizabethtown Gas and Elkton Gas. Photo: courtesy of adamr/ FreeDigitalPhotos.net.
With the close of the transaction, SJI becomes the second largest natural gas provider in New Jersey, with service to more than 681,000 customers, and the third largest local gas distribution company in the United States.
The transaction adds 3,315 miles of natural gas pipeline to SJI’s portfolio of regulated assets.
SJI president and CEO Michael J. Renna said: “The close of this transaction represents a historic milestone for SJI.
“Today we officially welcome Elizabethtown Gas and Elkton Gas – two well-run and well-respected utilities – into the SJI family of companies.
“Together, we will further our commitment to safety, operational excellence and an outstanding customer experience, while providing the opportunity for high quality, regulated earnings growth.
In June, SJI announced final regulatory approvals for the acquisition from the New Jersey Board of Public Utilities for Elizabethtown Gas and the Maryland Public Service Commission for Elkton Gas.
Guggenheim Securities served as lead financial advisor and BofA Merrill Lynch served as financial advisor to SJI. Gibson, Dunn & Crutcher LLP served as lead legal advisor to SJI.
Source: Company Press Release