Unitil Corporation (NYSE:UTL) agreed to acquire Bangor Natural Gas Company from Phc Utilities, Inc. on July 9, 2024. A cash consideration of $70.9 million will be paid by Unitil Corporation. Unitil plans to finance this transaction with a balanced mix of equity and debt to maintain its strong balance sheet and has obtained committed debt financing from Scotiabank to fund the purchase price.

The transaction is subject to approval by Maine Public Utilities Commission as well as other conditions to closing. The expected completion of the transaction is first quarter of 2025. Scotiabank, Inc. acted as financial advisor for Unitil Corporation.

Dentons Bingham Greenbaum LLP acted as legal advisor for Unitil Corporation.