Gas Natural Inc. Receives Final Regulatory Approval for Merger with a Fund Managed by BlackRock Real Assets & Announces Speci...
02 August 2017 - 12:30PM
Business Wire
Gas Natural Inc. (NYSE American: EGAS) (the “Company”),
announced today that it has received the final regulatory approval
required to complete the acquisition of its common stock for $13.10
by a fund managed by BlackRock Real Assets’ Global Energy &
Power Infrastructure group. The proposed transaction was initially
announced in October 2016 by First Reserve Energy Infrastructure
Funds, which BlackRock Real Assets acquired in June 2017, and is
now expected to close on Friday, August 4, 2017. The Company plans
to announce the closing of the transaction when completed.
In conjunction with the planned closing, the Company’s Board of
Directors has declared a special cash dividend of $0.028 per share
to shareholders of record as of August 3, 2017, the business day
prior to the expected closing date of the Company’s merger with
affiliates of BlackRock, Inc. The dividend represents an amount
equal to $0.0008152 per share for each day elapsed from and
including July 1, 2017 and ending on August 3, 2017, the day prior
to the expected closing in accordance with the agreement and plan
of merger. The dividend will be payable on or about August 17,
2017. Gas Natural has approximately 10.5 million shares of its
common stock outstanding.
About Gas Natural Inc.
Gas Natural Inc., a holding company, distributes and sells
natural gas to residential, commercial, and industrial customers.
It distributes approximately 21 billion cubic feet of natural gas
to roughly 70,000 customers through regulated utilities operating
in Montana, Ohio, Maine and North Carolina. The Company’s other
operations include intrastate pipeline, natural gas production, and
natural gas marketing. The Company's Montana public utility was
originally incorporated in 1909. Its strategy for growth is to
expand throughput in its markets, while looking for acquisitions
that are either adjacent to its existing utilities or in
under-served markets. Further information is available on the
Company’s website at www.egas.net.
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version on businesswire.com: http://www.businesswire.com/news/home/20170802005395/en/
Gas Natural Inc.James E. Sprague, 216-202-1564Chief
Financial Officerjsprague@egas.netorInvestor RelationsKei
Advisors LLCDeborah K. Pawlowski,
716-843-3908dpawlowski@keiadvisors.comorKaren L. Howard,
716-843-3942khoward@keiadvisors.com
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