MDU Resources Group Inc. on Jan. 2 said it completed its holding company reorganization in a tax-free transaction.
As part of the reorganization plan, Montana-Dakota Utilities Co. and Great Plains Natural Gas Co. merged into and become a wholly owned subsidiary of the reorganized entity, which assumed the name of MDU Resources Group Inc. The new subsidiary was named Montana-Dakota Utilities Co., with Great Plains Natural Gas becoming its division.
The reorganization was intended to simplify the organizational structure and provide additional financing flexibility for the company. The Federal Energy Regulatory Commission approved the transaction on June 19, 2018.
Upon deal close, stockholders automatically became stockholders of the reorganized company, on a 1-for-1 basis, with the same number of shares and same ownership percentage of common stock that they held immediately prior to the reorganization. The company retains the ticker symbol MDU.