M&A Deal Summary

Chesapeake Acquires Elkton Gas

On December 9, 2019, Chesapeake acquired utilities company Elkton Gas from SJI

Acquisition Highlights
  • This is Chesapeake’s 1st transaction in the Utilities sector.
  • This is Chesapeake’s 5th transaction in the United States.
  • This is Chesapeake’s 1st transaction in Maryland.

M&A Deal Summary
Date 2019-12-09
Target Elkton Gas
Sector Utilities
Buyer(s) Chesapeake
Sellers(s) SJI
Deal Type Divestiture

Target

Elkton Gas

Elkton, Maryland, United States
Elkton Gas Co. delivers safe, reliable and affordable natural gas to approximately 7,000 residential and commercial customers within a franchised area of Cecil County, Maryland. Elkton Gas was incorporated in 1863 and is based in Elkton, Maryland.

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Buyer(S) 1

Buyer

Chesapeake

Dover, Delaware, United States
Category Company
Founded 1859
Sector Utilities
Employees1,281
Revenue 671M USD (2023)
DESCRIPTION

Chesapeake is a diversified energy company focused on delivering outstanding service and attaining sustainable growth that generates long-term value for our employees, customers, investors, and other stakeholders. Chesapeake was incorporated in 1859 and is based in Dover, Delaware.

DEAL STATS #
Overall 5 of 6
Sector (Utilities) 1 of 2
Type (Divestiture) 1 of 2
State (Maryland) 1 of 1
Country (United States) 5 of 6
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-19 Marlin CNG Services

Trinity, Florida, United States

Marlin CNG Services is a premier North American supplier of mobile compressed natural gas (CNG) utility and pipeline solutions. Marlin has been providing virtual pipeline applications to local gas distribution utilities, municipal gas companies, intrastate and interstate pipeline companies, natural gas producers, manufacturers and large industrial customers throughout North America.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-26 Florida City Gas

Doral, Florida, United States

Florida City Gas serves approximately 120,000 residential and commercial natural gas customers across eight counties in Florida, including Miami-Dade, Broward, Brevard, Palm Beach, Hendry, Martin, St. Lucie, and Indian River. Its natural gas system includes approximately 3,800 miles of distribution main and 80 miles of transmission pipe. Florida City Gas is based in Doral, Florida.

Buy $923M

Seller(S) 1

SELLER

SJI

Folsom, New Jersey, United States
Category Company
Founded 1910
Sector Energy Services and Equipment
Revenue 2.0B USD (2021)
DESCRIPTION

SJI is an energy infrastructure holding company that delivers energy services to customers through two primary subsidiaries: SJI Utilities (SJIU) and SJI Energy Enterprises (SJIEE). SJIU houses the company’s regulated natural gas utility operations, delivering safe, reliable, and affordable natural gas to more than 700,000 residential, commercial and industrial customers across New Jersey via its South Jersey Gas and Elizabethtown Gas subsidiaries. SJIEE houses the company’s non-utility operations primarily focused on clean energy development and decarbonization via renewable energy production and energy management activities. SJI was founded in 1910 and is based in Folsom, New Jersey.

DEAL STATS #
Overall 1 of 1
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 1
State (Maryland) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-16 Elizabethtown Gas

Union, New Jersey, United States

Elizabethtown Gas is a provider of natural gas for 283,000 residential, business and industrial natural gas customers in New Jersey.

Buy -
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