Spire Inc. completed its acquisition of EnergySouth Inc., the parent company of Mobile Gas and Willmut Gas, from Sempra US Gas & Power. The purchase consideration of US$344 million included the assumption of $67 million of debt. The acquisition was funded primarily with the proceeds of an equity offering in May 2016 and a US$165 million private placement of unsecured senior notes that closed on 9 September.
"At Spire, we believe in a world where energy enriches people's lives, and our mission is to make that idea a reality. Person by person. Neighborhood by neighborhood. Community by community. So, we're excited to start serving the customers of Mobile Gas and Willmut Gas, and getting to know the people – employees, homeowners, business owners, families and neighbors," said Suzanne Sitherwood, president and CEO of Spire.
With the addition of 85 000 natural gas customers of Mobile Gas in Alabama and 19 000 Willmut Gas customers in Mississippi, Spire will now serve more than 1.7 million customers in Missouri, Alabama and Mississippi.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/13092016/spire-acquires-mobile-gas-and-willmut-gas-28437/
