secwatch.observer — SEC 8-K summary
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Issuer:     CHESAPEAKE UTILITIES CORP (CPK)
CIK:        0000019745
Form:       8-K/A
Filed at:   2024-02-13T23:59:59+00:00
Accession:  0001193125-24-033905
Event type: m_and_a
Sentiment:  negative
Materiality: 0.65
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/19745/000119312524033905/0001193125-24-033905-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/19745/000119312524033905/d745966d8ka.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-033905

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