Nov. 18 at 9:36 PM
$NWN Northwest Natural Gas to acquire SiEnergy Operating for
$273M in cash
Northwest Natural Holding Company announced it entered into an agreement to acquire SiEnergy Operating, LLC from SiEnergy Capital Partners, LLC, an affiiliate of Ridgewood Infrastructure, for
$273M in cash and the assumption of
$152M of debt. Upon closing the transaction, which is expected to occur in the first quarter of 2025, SiEnergy will become a wholly owned subsidiary of NW Natural Holdings. "The acquisition of SiEnergy builds on our core strength of operating utilities and delivering essential services to customers," said David H. Anderson, CEO of NW Natural Holdings.
"Texas is one of the fastest growing states in the nation with a constructive regulatory and policy environment. SiEnergy has a substantial number of contracts to add new customers in the coming years. We believe we will be well positioned to capture additional growth as Texas' population expands and new housing developments provide opportunities for new customers." The transaction is expected to further support management's long-term EPS growth outlook of 4% to 6%. The transaction is expected to close in the first quarter of 2025 subject to customary closing conditions including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. No regulatory approval is needed from the Railroad Commission of Texas to close this transaction.
