NextEra Energy Inc. announced July 30 that it completed the acquisition of natural gas distribution company Florida City Gas from Southern Co.
The purchase price was approximately $530 million in cash, subject to certain adjustments, according to a filing.
Florida City Gas serves approximately 110,000 residential and commercial natural-gas customers in Florida's Miami-Dade, Brevard, St. Lucie and Indian River counties with 3,700 miles of pipelines. Before 2004, the company was known as City Gas Co. of Florida and became part of Southern when it acquired AGL Resources.
NextEra announced in May a deal to acquire Southern subsidiaries Gulf Power Co. and Florida City Gas, along with two gas plants, in a $6.48 billion transaction, expanding its regulated footprint in Florida.
NextEra management said on the company's second-quarter earnings call July 25 that they expected to close the Florida City Gas acquisition the week of July 30.