Summit Acquires CenterPoint Energy’s Arkansas & Oklahoma Gas Assets

Source: www.gulfoilandgas.com 4/29/2021, Location: North America

Summit Utilities, Inc. (“Summit”) announced that it has signed a definitive agreement to acquire the Arkansas and Oklahoma gas distribution assets of CenterPoint Energy, Inc. (“CenterPoint”) for an enterprise value of $2.15 billion.

CenterPoint’s Arkansas and Oklahoma gas distribution systems serve approximately 525,000 customers and include 17,000 miles of gas main pipeline across Arkansas, Oklahoma and Texarkana, Texas.

“In 2017, Summit expanded its footprint to Arkansas and Oklahoma with our acquisition of Arkansas Oklahoma Gas Corporation. Today, we couldn’t be more excited to announce our plans to serve more communities in these two great states with the acquisition of CenterPoint’s Arkansas and Oklahoma gas distribution systems,” said Summit Utilities President and CEO Kurt Adams. “CenterPoint has built a strong reputation for quality customer service and we are eager to carry on that tradition, and continue to help families, businesses and industries throughout Arkansas and Oklahoma meet their energy needs through the delivery of safe, reliable and affordable natural gas services.”

Expanding its service territories in Arkansas and Oklahoma will provide Summit with additional scale and capacity to further its mission of providing exceptional service to natural gas customers in the region. Integration of CenterPoint’s Arkansas and Oklahoma operations into Summit’s will benefit from the alignment of cultures between these two organizations, which are based on core values of customer service and a commitment to the communities they serve.

Closing Details

The transaction is anticipated to close by the end of 2021, subject to customary closing conditions, including Hart-Scott Rodino antitrust clearance and approval by the Public Service Commission of Arkansas and the Oklahoma Corporation Commission.

Advisors

Centerview Partners LLC and KeyBanc Capital Markets are serving as financial advisors, and Morgan, Lewis & Bockius LLP is serving as legal counsel to Summit Utilities. In addition, a committed bridge financing facility to support the transaction is being provided by KeyBank National Association.


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