---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-243016"
form_type: "8-K"
ticker: "CPK"
cik: "0000019745"
company_name: "CHESAPEAKE UTILITIES CORP"
filed_at: "2023-09-27T23:59:59+00:00"
generated_at: "2026-06-10T08:23:41.524236+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001193125-23-243016
- form_type: 8-K
- ticker: CPK
- cik: 0000019745
- company_name: CHESAPEAKE UTILITIES CORP
- filed_at: 2023-09-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/19745/000119312523243016/0001193125-23-243016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/19745/000119312523243016/d483703d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-243016
- JSON: https://secwatch.observer/filing/0001193125-23-243016.json
- Plain text: https://secwatch.observer/filing/0001193125-23-243016.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/19745/000119312523243016/0001193125-23-243016-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.