GlobeNewswire·Oct 31, 2025, 4:30 PM ET

Unitil Completes Purchase of Maine Natural Gas Company

Unitil Corporation completed the purchase of Maine Natural Gas Company from Avangrid Enterprises, Inc. on October 31, 2025.
The Stock Purchase Agreement was initially announced on April 1, 2025, with all regulatory approvals, including those from the Maine Public Utilities Commission, secured by the closing date.
Maine Natural Gas Company commenced operations in 1999, serving approximately 6,300 residential & commercial customers across nine Greater Portland communities & Augusta.
Maine Natural's gas system comprises approximately 230 miles of distribution mains & had an estimated rate base of $69.0 million as of December 31, 2024.
Following this acquisition, Unitil serves approximately 213,300 customers across Maine, New Hampshire, & Massachusetts.
The total transaction value was $86.0 million plus approximately $7.1 million for estimated working capital, cash on hand, & certain regulatory assets.
Unitil funded the $86.0 million purchase price through a term loan from Scotiabank, with the remaining balance covered by existing funds.
Scotiabank advised Unitil on the transaction, while the law firm of Dentons provided legal counsel.
Unitil Corporation is a public utility holding company providing electricity & natural gas in New England, currently serving approximately 109,400 electric customers & 103,900 natural gas customers.