Unitil to acquire Bangor Natural Gas for $70.9M; expects close by Q1 2025

UNITIL CORP

Purchase price of $70.9M in cash (debt-free basis, subject to working capital adjustments).
Bangor serves ~8,500 customers in Maine with 351 miles of distribution pipelines.
Enterprise value ~1.2x Bangor's estimated 2023 rate base.
Committed $71M senior unsecured term loan from Scotiabank; 65% debt-to-cap covenant.
Transaction requires Maine PUC approval; expected to close by end of Q1 2025.

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