Unitil Completes Purchase of Bangor Natural Gas Company, Expanding New England Presence

Unitil Corporation (NYSE: UTL) has successfully completed the acquisition of Bangor Natural Gas Company (Bangor), a strategic move that strengthens its position in the New England utility market. The purchase, announced on July 8, 2024, and closed on January 31, 2025, brings approximately 8,500 customers, 351 miles of distribution pipelines, and nine miles of transmission pipelines to Unitil's system. With this acquisition, Unitil now serves approximately 207,000 customers throughout Maine, New Hampshire, and Massachusetts.

The acquisition of Bangor aligns with Unitil's long-term strategic objectives, providing operational synergies through integration with existing Maine operations, geographic expansion in a familiar regulatory environment, increased rate base and potential earnings growth, and enhanced economies of scale in operations and maintenance. The transaction was subject to approval by the Maine Public Utilities Commission, which was successfully obtained, indicating a supportive regulatory environment for natural gas utility operations.



Thomas Meissner, Unitil's Chairman and Chief Executive Officer, expressed his enthusiasm about the acquisition: "Bangor is an excellent complement to our existing natural gas distribution operations in Maine, and brings a strong team that is dedicated to delivering safe, clean, reliable, and affordable energy to customers. We look forward to providing the high level of service Bangor's customers expect of us."

The purchase price for Bangor was $70.9 million, plus approximately $0.3 million for estimated working capital. Unitil was advised in this transaction by Scotiabank and the law firm of Dentons. The acquisition is expected to be accretive over the long term, aligning with Unitil's strategic objectives and providing value to its shareholders.

In conclusion, Unitil Corporation's acquisition of Bangor Natural Gas Company is a strategic move that expands its presence in the New England utility market, providing operational synergies, geographic expansion, and increased earnings potential. With the successful completion of the acquisition, Unitil continues to strengthen its position as a leading provider of energy services in the region.