Unitil completed the acquisition of Maine Natural Gas Company, adding 6,300 residential and commercial customers and a $69 million rate base to its portfolio.
The purchase price was $86 million, plus $7.1 million in working capital. The $86 million portion was financed through a term loan from Scotiabank, with the remainder funded by Unitil’s existing cash reserves. The deal brings Unitil’s total customer count to 213,300 across Maine, New Hampshire and Massachusetts.
The transaction is earnings neutral in the short term but is expected to accelerate rate‑base growth and provide long‑term earnings accretion as new distribution rates take effect. It complements Unitil’s existing natural‑gas operations and supports its strategy of diversified regulated‑utility growth.
Strategically, the acquisition expands Unitil’s service area in Maine, particularly the Greater Portland region, strengthening its presence to over 40% of the state’s population and consolidating its natural‑gas distribution network.
Unitil’s balance sheet remains strong, with a recent public offering of common stock raising $74.75 million that will be used for equity capital contributions, debt repayment and general corporate purposes. The company has maintained a 41‑year consecutive dividend payment history and a current dividend yield of 3.7%.
Unitil is investing in its electric grid and natural‑gas assets, including decarbonized renewable gas, to reduce greenhouse gas emissions and align with evolving climate policies.
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