Ullico signs agreement to acquire Hope gas from Dominion Energy
Ullico Inc has signed a definitive agreement to acquire 100% of the equity interests in Hope Gas from Dominion Energy in a transaction valued at US$4690 million. The transaction is expected to close late in 2022.
Hope gas is a local natural gas distribution company in West Virginia. With approximately 3,200 miles of main and 2,000 miles of gathering pipes, Hope Gas serves over 111,000 residential, commercial, and industrial customers across 35 counties in West Virginia. Ullico plans to integrate Hope gas with Hearthstone Utilities, Inc. (Hearthstone), a portfolio company that owns and operates gas utilities in Indiana, Maine, Montana, North Carolina, and Ohio, serving more than 80,000 customers.
Mizuho Securities USA LLC acted as financial advisor and Milbank LLP acted as legal counsel for Ullico. McGuireWoods LLP served as legal counsel to Dominion Energy. J.P. Morgan Securities LLC acted as a financial adviser.
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