Unitil (UTL) Inks Deal to Acquire Bangor Natural Gas for $70.9M

Unitil Corporation (UTL) announced that it has agreed to purchase Bangor Natural Gas Company (Bangor) from PHC Utilities, Inc., a subsidiary of Hope Utilities, Inc., for $70.9 million on a debt-free basis. This transaction is subject to customary adjustments for closing working capital and transaction expenses. Bangor's enterprise value is nearly 1.2 times its rate base (based on its estimated rate base as of Dec 31, 2023). Unitil will acquire full ownership of Bangor upon the transaction's closure, anticip ...