Algonquin Power & Utilities Corp. owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and utilities distribution businesses, such as water and natural gas, in North America.
The company announced today that its Liberty Energy Utilities Company – a regulated electricity and natural gas distribution utility – has entered into an agreement with US-based Atmos Energy Corporation (NYSE: ATO) to acquire their regulated natural gas distribution utility assets located in Missouri, Iowa and Illinois.
These utilities currently provide local natural gas distribution services to approximately 84,000 customers in these three states. The total purchase price for these utilities is approximately $124 million, subject to certain working capital and other closing adjustments. Closing of the transaction is subject to certain conditions including state and federal regulatory approval and is expected to occur next year.
The CEO of Algonquin, Ian Robertson, commented, “The acquisition of these well maintained, high quality utility assets is consistent with our growth strategy and provides Liberty Energy a great opportunity to accretively expand its regulated utility operations.”
For further information on Algonquin Power & Utilities, please visit the company’s website at www.algonquinpower.com.