M&A Deal Summary

Chesapeake Acquires Florida City Gas

On September 26, 2023, Chesapeake acquired utilities company Florida City Gas from NextEra Energy for 923M USD

Acquisition Highlights
  • This is Chesapeake’s 2nd transaction in the Utilities sector.
  • This is Chesapeake’s largest (disclosed) transaction.
  • This is Chesapeake’s 6th transaction in the United States.
  • This is Chesapeake’s 2nd transaction in Florida.

M&A Deal Summary
Date 2023-09-26
Target Florida City Gas
Sector Utilities
Buyer(s) Chesapeake
Sellers(s) NextEra Energy
Deal Type Divestiture
Deal Value 923M USD

Target

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.

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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 6 of 6
Sector (Utilities) 2 of 2
Type (Divestiture) 2 of 2
State (Florida) 2 of 2
Country (United States) 6 of 6
Year (2023) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-09 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.

Buy -

Seller(S) 1

SELLER

NextEra Energy

Juno Beach, Florida, United States
Category Company
Founded 1925
Sector Utilities
Employees16,800
Revenue 28.1B USD (2023)
DESCRIPTION

NextEra Energy is a clean energy company, more than 42,000 megawatts of generating capacity. NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.6 million customer accounts in Florida. NextEra Energy was founded in 1925 and is based in Juno Beach, Florida.

DEAL STATS #
Overall 3 of 3
Sector (Utilities) 1 of 1
Type (Divestiture) 2 of 2
State (Florida) 2 of 2
Country (United States) 3 of 3
Year (2023) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-19 Trans Bay Cable

San Francisco, California, United States

Trans Bay Cable LLC is a 53-mile, high-voltage direct current underwater transmission cable system with utility rates set by the Federal Energy Regulatory Commission (FERC) and revenues paid by the California Independent System Operator. The cable system extends from Pittsburg, California, to San Francisco, California, and provides approximately 40 percent of the electrical power used on a daily basis in San Francisco and its surrounding areas. TBC was developed and approved in response to a 1998 blackout in the Bay Area, which demonstrated a need for the greater resiliency of the electric grid in that region.

Buy $1.0B
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