Gas Natural Inc. shareholders approved the utility company's pending acquisition by a First Reserve Management LP fund, bringing the deal one step closer to completion.
The merger garnered the approval of 98.2% of votes, with 73% of the company's outstanding shares voting during a special meeting, according to a Dec. 28 news release. Under the plan, Gas Natural is set to merge with FR Bison Merger Sub, a subsidiary of First Reserve Energy Infrastructure Fund II LP. Under the deal, Gas Natural shareholders would get $13.10 for each share owned. Gas Natural shares closed at $12.60 on Dec. 27.
The transaction is due for completion in the second half of 2017 and awaits approvals from the Maine Public Utilities Commission, the Montana Public Service Commission, the North Carolina Utilities Commission and the Public Utilities Commission of Ohio. Gas Natural serves about 68,600 customers in four states.