CHESAPEAKE UTILITIES CORP (CPK): M&A transaction — Chesapeake Utilities completes $923.4M acquisition of Florida City Gas from FPL

CHESAPEAKE UTILITIES CORP

Purchase price ~$923.4M cash; funded via $550M senior notes, equity offering, and revolving credit facility.
Acquisition more than doubles CPK's Florida customer base and natural gas infrastructure; covers five top-population counties.
Regulated operations now ~87% of business mix; 5-year capex plan raised 65% to $1.5-1.8B with ~60% in Florida.
Company reaffirms long-term earnings and dividend growth targets; integration details expected in Q4 2023 earnings call.
CEO Jeff Householder and CFO Beth Cooper highlight strategic value, balance sheet strength, and disciplined financing.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.98

CHESAPEAKE UTILITIES CORP completed an acquisition involving Florida Power & Light Company (selling Pivotal Utility Holdings, Inc./Florida City Gas) for approximately $923.4 million in cash (closed 2023-11-30).

Action: acquisition
Counterparty: Florida Power & Light Company (selling Pivotal Utility Holdings, Inc./Florida City Gas)
Consideration: approximately $923.4 million in cash
Closing: 2023-11-30

Exact text from the filing

dated as of September 26, 2023, by and among the Company and Florida Power & Light Company, a Florida corporation. The purchase price for the Acquisition was approximately $923.4 million in cash, subject to customary purchase price adjustments. The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by

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Source: SEC EDGAR

accession 0001193125-23-286726

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