December 2, 2008
Unitil seals deal for Northern Utilities
By The Mainebiz News Staff
Unitil Corp. yesterday said it has completed its purchase of Northern Utilities Inc., a natural gas distributor with 53,000 customers in coastal New Hampshire and southern Maine.
Unitil, a Hampton, N.H.-based public utility holding company, announced in February the acquisition of Northern Utilities and Granite State Gas Transmission Inc., which supplies natural gas transportation services to Northern Utilities, from Merrillville, Ind.-based NiSource Inc. The Maine Public Utilities Commission approved the deal in October.
The purchase price was $160 million, plus $41.6 million for working capital, including approximately $33.9 million of natural gas storage inventory, according to a press release from the company.
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