Energy

Unitil Corporation (NYSE: UTL) Announces Acquisition of Maine Natural Gas for $86 Million

Tue 01 Apr 25, 11:12 AM | Team Kalkine

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Highlights

Unitil Corporation (NYSE: UTL) has entered into a definitive agreement to acquire Maine Natural Gas Company from Avangrid Enterprises, Inc., for $86 million, debt-free, with adjustments for closing working capital and transaction expenses. The acquisition, expected to close by the end of 2025, is subject to approval by the Maine Public Utilities Commission. Once completed, Maine Natural Gas will become a wholly owned subsidiary of Unitil.

Maine Natural Gas, established in 1999, serves around 6,300 residential and commercial customers across nine communities in the Greater Portland area, including Augusta, the state’s capital. The gas system consists of approximately 230 miles of distribution mains, which provide opportunities for further customer growth. The company is estimated to have a rate base of $69 million as of December 31, 2024. Maine Natural has experienced an average customer growth rate of 4.4% annually over the past five years.

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