Chesapeake Utilities closes FCG acquisition for $923M; pro forma EPS shows dilution

CHESAPEAKE UTILITIES CORP

Acquired Pivotal Utility Holdings (Florida City Gas) for $923.4M cash, closed Nov 30, 2023.
Financed with $550M senior notes at 6.54% avg rate, 4.44M new shares, and revolver draws.
Pro forma net income for 9mo Sep 2023: $64.7M vs CPK standalone $61.9M; diluted EPS $2.91 vs $3.47 standalone.
Pro forma net income for FY2022: $81.5M vs CPK standalone $89.8M; diluted EPS $3.66 vs $5.04 standalone.
Goodwill of $463M recorded; total pro forma assets $3.24B as of Sep 30, 2023.

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