Unitil Corporation (unitil.com) today announced that it completed the purchase of Maine Natural Gas Company (“Maine Natural”) from Avangrid Enterprises, Inc. The Stock Purchase Agreement (the “Agreement”) between Avangrid Enterprises, Inc. and Unitil was first announced on April 1, 2025. All conditions of the Agreement, including the receipt of approvals from the Maine Public Utilities Commission, were materially completed as of the closing date.
Maine Natural commenced operations in 1999 and serves approximately 6,300 residential and commercial natural gas customers in nine communities in the Greater Portland region of Maine, as well as the capital city of Augusta. Maine Natural’s gas system includes approximately 230 miles of distribution mains, providing opportunities for continued customer growth. Maine Natural was estimated to have approximately $69.0 million of rate base as of December 31, 2024. With this acquisition Unitil serves approximately 213,300 customers throughout Maine, New Hampshire, and Massachusetts.
“Maine Natural Gas Company is highly complementary to our existing natural gas distribution operations in Maine”, said Thomas P. Meissner, Jr., Unitil’s Chairman and Chief Executive Officer. “Maine Natural Gas Company brings a dedicated team focused on providing safe, clean, reliable, and affordable energy to customers. We share their dedication to serving communities in Maine by providing responsive, high-quality service through locally managed operations.”
The purchase price was $86.0 million, plus approximately $7.1 million for estimated working capital, including cash on hand and certain regulatory assets. Unitil funded $86.0 million of the purchase price through a term loan from Scotiabank with the balance coming from its existing sources of funds.
Unitil was advised in this transaction by Scotiabank, and by the law firm of Dentons.
