M&A
confidence high
sentiment positive
materiality 0.95
National Fuel to acquire CenterPoint's Ohio gas utility Vectren Energy for $2.62B
NATIONAL FUEL GAS CO
- Purchase price $2.62B cash-free, debt-free; ~1.6x estimated 2026 rate base of $1.6B.
- Adds ~335,000 customers, 5,900 miles of pipeline; expected close in Q4 2026.
- Financing: $1.2B promissory note at 6.5%, bridge facility, plus $300-400M common equity.
- Immediately accretive to regulated EPS; neutral to consolidated EPS in FY2028, then accretive.
- Subject to PUCO and HSR approvals; NFG says Ohio regulatory framework supportive.