Chesapeake Utilities to acquire Florida City Gas for $923.4M cash, expanding FL footprint

CHESAPEAKE UTILITIES CORP

Acquisition of ~120,000-customer FCG from NextEra Energy (NEE) for $923.4M cash; close expected Q4 2023.
Financing via debt and equity; $965M committed bridge facility from Barclays tied to closing.
Doubles CPK's Florida natural gas ops; regulated net plant +30%, customers +50%.
New capex guidance $1.5-$1.8B (2024-2028); EPS guided $7.75-$8.00 for 2028 (~8% CAGR).
Adds ~$500M of investment opportunities over 5 years; regulated business mix rises to 87%.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CHESAPEAKE UTILITIES CORP entered into SPA with Florida Power & Light Company valued at approximately $923.4 million (effective 2023-09-26).

Action: entry
Agreement: equity purchase
Counterparty: Florida Power & Light Company
Value: approximately $923.4 million
Effective: 2023-09-26

Exact text from the filing

On September 26, 2023, Chesapeake Utilities Corporation, a Delaware corporation (the “Company”), entered into a stock purchase agreement (the “SPA”) with Florida Power & Light Company, a Florida corporation (“FPL”), to acquire all of the outstanding common shares of Pivotal Utility Holdings, Inc., a wholly owned subsidiary of FPL doing business as Florida City Gas (“FCG”), for approximately $923.4 million in cash, subject to customary purchase price adjustments.

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CHESAPEAKE UTILITIES CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-243016

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