Unitil Completes Purchase of Maine Natural Gas Company

Core Points - Unitil Corporation has completed the acquisition of Maine Natural Gas Company from Avangrid Enterprises, with the purchase price totaling $86.0 million plus approximately $7.1 million for estimated working capital [1][3] - Maine Natural serves around 6,300 residential and commercial natural gas customers in the Greater Portland region and Augusta, with a distribution system of approximately 230 miles [2] - Following this acquisition, Unitil will serve approximately 213,300 customers across Maine, New Hampshire, and Massachusetts [2] Financial Details - The estimated rate base of Maine Natural was approximately $69.0 million as of December 31, 2024 [2] - Unitil financed the acquisition primarily through a term loan from Scotiabank [3] Strategic Importance - The acquisition is seen as highly complementary to Unitil's existing natural gas distribution operations in Maine, enhancing their service capabilities [3] - Unitil emphasizes its commitment to providing safe, clean, reliable, and affordable energy to its customers through locally managed operations [3][5]