Unitil agrees to acquire Maine Natural Gas from Avangrid for $86M cash

UNITIL CORP

Purchase price $86M cash, subject to working capital adjustments; debt financing committed from Scotiabank.
Maine Natural serves ~6,300 customers in Greater Portland and Augusta; 230 miles of mains; rate base ~$69M.
Transaction expected to close by end of 2025, subject to Maine PUC approval; unit will become wholly owned subsidiary.
Combined with Bangor acquisition, Unitil will serve >40% of Maine's population; deal expected to be long-term accretive.

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