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October 15, 2008

PUCs approve Northern Utilities sale

By The Mainebiz News Staff

The public utilities commissions in New Hampshire and Maine have approved Unitil Corp.'s proposed acquisition of Northern Utilities Inc., leaving just Massachusetts to approve the sale, a Unitil press release reported.

Unitil, a New Hampshire public utility holding company, last February entered into a stock purchase agreement with NiSource to acquire all outstanding stock of Northern Utilities, which distributes natural gas to approximately 53,000 customers in coastal New Hampshire and southern Maine, and another NiSource company, Granite State Gas Transmission Inc., for $160 million plus a net working capital adjustment, the press release said.

The Maine PUC recently fined Northern Utilities for allegedly violating safety regulations.

 

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