It had previously announced last year both this acquisition and the deal for Maryland-based Elkton Gas. SJI is buying both Elkton Gas and Union-based Elizabethtown Gas from Pivotal Utilities Inc., a subsidiary of Southern Co. Gas. At the time the deals were announced, they were valued at a combined $1.4 billion.
Earlier this month, Folsom-based SJI had received necessary Maryland regulatory approvals, as well.
Both sales are expected to close July 1.
“The acquisitions of Elizabethtown Gas and Elkton Gas represent an incredible milestone in the history of our organization,” SJI CEO and President Michael J. Renna said in a prepared statement. “These well-run, well-respected utilities are a perfect fit for SJI, sharing our commitment to safety and operational excellence, while providing the opportunity for high-quality, regulated earnings growth.”
The deal would make SJI the second-largest natural gas provide in New Jersey and third-largest local gas distribution company nationwide. It would serve about 681,000 customers.