For Immediate Release
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SJI Announces State Regulatory Approval for Acquisition of Elkton Gas from Southern Company Gas
FOLSOM, N.J., June 1, 2018 - SJI (NYSE: SJI) announced today that it has received the necessary regulatory approval from the State of Maryland Public Service Commission for the proposed acquisition of Maryland-based Elkton Gas assets from Pivotal Utilities Inc., a subsidiary of Southern Company Gas.
The purchase is part of a larger transaction that also includes the acquisition of New Jersey-based Elizabethtown Gas.
"The acquisition of Elizabethtown and Elkton Gas is a great fit for SJI and reinforces our commitment to high quality, regulated earnings growth," said Michael J. Renna, President and CEO, SJI. "We look forward to completing this transformational deal and welcoming Elizabethtown Gas and Elkton Gas into the SJI family of companies. Together, we will further our commitment to operational excellence and an outstanding customer experience."
Pending the state approval from the New Jersey Board of Public Utilities for the acquisition of Elizabethtown Gas and satisfaction of other closing conditions, the transaction is anticipated to close in mid-2018. Upon closing, SJI will become the second largest natural gas provider in New Jersey and the third largest local gas distribution company in the country, with service to more than 681,000 customers.
About SJI
SJI (NYSE: SJI), an energy services holding company based in Folsom, NJ, delivers energy solutions to its customers through three primary subsidiaries. South Jersey Gas delivers safe, reliable, affordable natural gas and promotes energy efficiency to approximately 385,000 customers in southern New Jersey. SJI's non-utility businesses within South Jersey Energy Solutions promote efficiency, clean technology and renewable energy by providing customized wholesale commodity marketing and fuel management services; acquiring and marketing natural gas and electricity for retail customers; and developing, owning and operating on-site energy production facilities. SJI Midstream is also an SJI subsidiary and houses the company's interest in the PennEast Pipeline Project. Visit www.sjindustries.com for more information about SJI and its subsidiaries.
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