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.

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