MDU Resources plans to spin off construction services business into standalone public company by late 2024

MDU RESOURCES GROUP INC

Board approved tax-free spinoff of MDU Construction Services Group to shareholders; expected completion late 2024.
Post-spinoff, MDU Resources becomes pure-play regulated energy delivery with ~$4B rate base, 1.2M customers across 8 states.
CSG had 2022 record revenue $2.7B and earnings $124.8M; 2023E revenue $2.8-3.0B, EBITDA $210-230M.
CSG backlog $1.85B as of Sept. 30; record Q3 2023 earnings announced (not detailed in release).
MDU Resources targets 60-70% dividend payout ratio post-spinoff; CSG dividend policy TBD.

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