Jul. 13, 2015, 7:35 AM
- Black Hills (NYSE:BKH) agrees to acquire natural gas utility SourceGas Holdings from investment funds managed by General Electric (NYSE:GE) and Alinda Capital Partners for $1.89B, including $720M of debt.
- BKH says the deal increases its customer base by 55% to more than 1.2M electric and natural gas utility customers in eight Rocky Mountain and Midcontinent states.
- GE’s energy financial services division and Alinda bought SourceGas in 2007 from Kinder Morgan.
Jul. 13, 2015, 3:41 AM
- Diversified energy firm Black Hills (NYSE:BKH) has agreed to acquire natural-gas utility SourceGas Holdings for $1.89B from investment funds managed by General Electric (NYSE:GE) and Alinda Capital Partners.
- The deal allows the South Dakota based Black Hills to expand in Colorado, Nebraska, Wyoming and Arkansas, and "will add meaningfully to Black Hills' earnings per share beginning the first calendar year after closing," the company said.
- Black Hills expects that closing to come in H1 2016, at which point the utility will assume $720M of debt.
- SourceGas has 425,000 customers and a 512-mile transmission pipeline in Colorado. The combined company will have over 1.2M customers.
- SourceGas had also attracted interest from other prospective buyers, including MDU Resources (NYSE:MDU). (PR)
Jan. 18, 2012, 7:05 PM
Energy producer/utility Black Hills (BKH) announces (.pdf) it's selling its energy marketing business to privately-owned Twin Eagle Resource Management for net cash proceeds of $160M-$170M. The company is also raising its 2011 EPS guidance to a range of $1.90-$1.96 ($1.70-$1.85 prior), and lowering its 2012 EPS guidance to a range of $2-$2.20 ($2.15-$2.40 prior).| Jan. 18, 2012, 7:05 PM