Verengo Inc. requested the Federal Energy Regulatory Commission to approve the acquisition of a 100% equity stake in Florida-based U.S. Gas & Electric Inc. for an undisclosed sum.
MVC Capital Inc. owns approximately 76% of the equity in U.S. Gas & Electric with the remaining 24% stake held by a group of individuals. Upon consummation of the transaction, U.S. Gas & Electric will become a subsidiary of Verengo.
The commission has been asked to approve the deal by June 30, according to a May 30 filing.
U.S. Gas & Electric is a licensed energy service company that is primarily engaged in selling natural gas to commercial and residential retail customers in New York, New Jersey, Ohio, Indiana, Illinois, Kentucky, Michigan, Maryland and Pennsylvania. U.S. Gas & Electric owns Energy Services Providers Inc., Massachusetts Gas & Electric Inc. and Connecticut Gas & Electric Inc. (FERC docket EC17-125)