South Jersey Industries (SJI) has secured approval from the New Jersey Board of Public Utilities for the proposed acquisition of New Jersey-based Elizabethtown Gas from Pivotal Utilities, a subsidiary of Southern Company Gas.
The company previously announced on June 1 that it had received the needed state regulatory approvals in Maryland that would allow for the acquisition of Elkton Gas from Pivotal Utilities, Inc. as well. Both transactions are anticipated to close on July 1, 2018.
“The acquisitions of Elizabethtown Gas and Elkton Gas represent an incredible milestone in the history of our organization,” said Michael J. Renna, President and CEO, SJI. “These well-run, well-respected utilities are a perfect fit for SJI, sharing our commitment to safety and operational excellence, while providing the opportunity for high quality, regulated earnings growth.”
“We look forward to completing this transformational acquisition and working collaboratively with the teams at Elizabethtown and Elkton to continue providing safe, reliable, affordable gas service to the residents of New Jersey and Maryland,” Renna added.
Upon close, SJI will become the second largest natural gas provider in New Jersey and third largest local gas distribution company in the country, with service to more than 681,000 customers.
Source: Company Press Release