NW Natural Holdings completes acquisition of SiEnergy for $271.1M cash + $156.1M debt

Northwest Natural Holding Co

Acquired SiEnergy Operating, LLC for ~$271.1M cash plus assumption of ~$156.1M debt; closed Jan 7, 2025.
SiEnergy serves ~70,000 customers in Houston, Dallas, Austin; rate base ~$247M with 26% CAGR growth over 5 years.
Financed with $273M bridge loan from JPMorgan; plans to issue junior subordinated notes in H1 2025 for permanent financing.
SiEnergy achieved 22% compounded customer growth over 5 years, making it one of the fastest-growing gas utilities.
CEO David Anderson: acquisition expands NWN's Texas presence and positions for continued organic growth.

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