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April 1, 2025

Unitil to purchase Maine Natural Gas for $86 million

By Tina Fischer

Unitil Corp. (NYSE: UTL) said Tuesday it has entered into an agreement with Avangrid to acquire Maine Natural Gas Co. for $86 million.

The transaction, which is subject to approval by the Maine Public Utilities Commission, is expected to close by the end of the year, at which point Brunswick-based Maine Natural Gas would become a wholly owned subsidiary of Unitil.

Unitil Corp. is headquartered in Hampton, N.H. and operates in Maine, New Hampshire and Massachusetts. Together, Unitil’s operating utilities serve approximately 109,400 electric customers and 97,600 natural gas customers. 

Avangrid, which is based in Orange, Conn., is the parent company of Central Maine Power. 

Maine Natural Gas serves 6,300 residential and commercial customers in nine Portland-area communities, as well as in the city of Augusta.

The acquisition, combined with Unitil’s recent purchase of Bangor Natural Gas, would give the company a 40% share of the natural gas customers in Maine. 

“Maine Natural Gas Co. is highly complementary to our existing natural gas distribution operations in Maine,” said Thomas P. Meissner Jr., Unitil’s chairman and CEO.

To finance the deal, Unitil obtained debt financing from Scotiabank. It is being advised in the transaction by Scotiabank and by the law firm Dentons.

By mid-morning Tuesday, Unitil shares traded at $57.44, down 25 cents a share from Monday's close. 

 

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