Unitil Corporation (unitil.com) today announced that it completed the purchase of Bangor Natural Gas Company (“Bangor”), from PHC Utilities, Inc., a subsidiary of Hope Utilities, Inc. The Stock Purchase Agreement (the “Agreement”) between PHC Utilities, Inc. and Unitil was first announced on July 8, 2024. All conditions of the Agreement, including the receipt of approvals from the Maine Public Utilities Commission, were completed as of the closing date.
Bangor Natural Gas Company, which began operations in 1998, brings approximately 8,500 customers, 351 miles of distribution pipelines, and nine miles of transmission pipelines to the Unitil system. With the acquisition, Unitil serves approximately 207,000 customers throughout Maine, New Hampshire, and Massachusetts.
“Bangor is an excellent complement to our existing natural gas distribution operations in Maine, and brings a strong team that is dedicated to delivering safe, clean, reliable, and affordable energy to customers,” said Tom Meissner, Unitil’s Chairman and Chief Executive Officer. “We look forward to providing the high level of service Bangor’s customers expect of us.”
The purchase price was $70.9 million, plus approximately $0.3 million for estimated working capital. Unitil was advised in this transaction by Scotiabank, and by the law firm of Dentons.
