South Jersey Industries (SJI) announced today the acquisition of Elizabethtown Gas and Maryland-based Elkton Gas, a deal which would make SJI the second largest natural gas provider in New Jersey with service to more than 675,000 customers.
The $1.7 billion transaction will require approval by state regulators in New Jersey and Maryland, along with limited approvals by the Federal Energy Regulatory Commission and the Federal Communications Commission. SJI expects the deal to be accretive to earnings by 2020.
SJI said its purchase of the Southern Company Gas entities supports regulated growth strategy, with utility earning contributions expected to grow from 70 percent to 80 percent.
For more on the deal, visit here.