SJI : SJI Completes Acquisition of Elizabethtown Gas and Elkton Gas
July 02 2018 - 8:02AM
Media Contact:
Marissa Travaline
(609) 561-9000 ext. 4227
mtravaline@sjindustries.com
Investor Contact:
Dan Fidell
(609) 561-9000 ext. 7027
dfidell@sjindustries.com
FOR IMMEDIATE RELEASE
SJI Completes Acquisition of
Elizabethtown Gas and Elkton Gas
FOLSOM, NJ, July 2, 2018 -
SJI (NYSE: SJI) today announced the completion of its acquisition
of New Jersey-based Elizabethtown Gas and Maryland-based Elkton Gas
from a subsidiary of Southern Company Gas.
With the close of the transaction, SJI becomes the
second largest natural gas provider in New Jersey, with service to
more than 681,000 customers, and the third largest local gas
distribution company in the United States.
The transaction adds 3,315 miles of natural gas
pipeline to SJI's portfolio of regulated assets.
"The close of this transaction represents a
historic milestone for SJI," said Michael J. Renna, President and
CEO, SJI. "Today we officially welcome Elizabethtown Gas and Elkton
Gas - two well-run and well-respected utilities - into the SJI
family of companies."
"Together, we will further our commitment to
safety, operational excellence and an outstanding customer
experience, while providing the opportunity for high quality,
regulated earnings growth," Renna added.
In June, SJI announced final regulatory approvals
for the acquisition from the New Jersey Board of Public Utilities
for Elizabethtown Gas and the Maryland Public Service Commission
for Elkton Gas.
Guggenheim Securities served as lead financial
advisor and BofA Merrill Lynch served as financial advisor to SJI.
Gibson, Dunn & Crutcher LLP served as lead legal advisor to
SJI.
About SJI
SJI (NYSE: SJI), an energy services holding
company based in Folsom, NJ, delivers safe, reliable, affordable
natural gas service to approximately 681,000 customers in New
Jersey and Maryland through its three regulated natural gas
utilities - South Jersey Gas, Elizabethtown Gas and Elkton Gas.
SJI's non-utility businesses within South Jersey Energy Solutions
promote efficiency, clean technology and renewable energy by
providing customized wholesale commodity marketing and fuel
management services; acquiring and marketing natural gas and
electricity for retail customers; and developing, owning and
operating on-site energy production facilities. SJI Midstream
houses the company's interest in the PennEast Pipeline Project.
Visit sjindustries.com for more information about SJI and its
subsidiaries.
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Source: South Jersey Industries via Globenewswire
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