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Chesapeake Utilities Corp's Subsidiaries Operating Acquire Assets Of Eastern Shore Gas-DJ


Tuesday, 4 Jun 2013 03:47pm EDT 

Dow Jones reported that Chesapeake Utilities Corp has completed the acquisition of the operating assets of Eastern Shore Gas Company (ESG) and its affiliate, Eastern Shore Propane Company (ESP), which are located in Worcester County, Maryland. Chesapeake's wholly-owned subsidiaries, Sandpiper Energy, Inc. and Sharpgas, Inc., acquired and will operate the ESG and ESP assets, respectively. The transaction was consummated on May 31, 2013. Management expects the transaction to be earnings accretive in the first full year of operations. The acquisition was financed through unsecured short-term debt. Chesapeake and ESG obtained the necessary approvals and consents to close the transaction, including approval of the Maryland Public Service Commission ("MPSC"), on May 29, 2013. 

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64.85
1.18 +1.85%
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