M&A Deal Summary

Unitil Acquires Bangor Natural Gas

On July 9, 2024, Unitil acquired utilities company Bangor Natural Gas from Hope Utilities for 71M USD

Acquisition Highlights
  • This is Unitil’s 1st transaction in the Utilities sector.
  • This is Unitil’s largest (disclosed) transaction.
  • This is Unitil’s 1st transaction in the United States.
  • This is Unitil’s 1st transaction in Maine.

M&A Deal Summary
Date 2024-07-09
Target Bangor Natural Gas
Sector Utilities
Buyer(s) Unitil
Sellers(s) Hope Utilities
Deal Type Divestiture
Deal Value 71M USD

Target

Bangor Natural Gas

Bangor, Maine, United States
Bangor Natural Gas is a natural gas distribution company serving approximately 8,500 customers. Bangor owns and operates approximately 351 miles of distribution pipelines and nine miles of transmission pipelines. Bangor Natural Gas is based in Bangor, Maine.

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Buyer(S) 1

Buyer

Unitil

Hampton, New Hampshire, United States
Category Company
Founded 1984
Sector Utilities
Employees533
Revenue 557M USD (2023)
DESCRIPTION

Unitil provides energy for life by safely and reliably delivering natural gas and electricity in New England. Unitil was founded in 1984 and is based in Hampton, New Hampshire.

DEAL STATS #
Overall 1 of 1
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 1
State (Maine) 1 of 1
Country (United States) 1 of 1
Year (2024) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Hope Utilities

Morgantown, West Virginia, United States
Category Company
Sector Utilities
DESCRIPTION

Hope Utilities is a holding company that owns natural gas and water distribution utilities across 7 states. Hope Utilities is based in Morgantown, West Virginia.

DEAL STATS #
Overall 1 of 1
Sector (Utilities) 1 of 1
Type (Divestiture) 1 of 1
State (Maine) 1 of 1
Country (United States) 1 of 1
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
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