The Arkansas and Oklahoma gas distribution assets of CenterPoint Energy, Inc. will be acquired by Summit Utilities, Inc.
The announcement was made today by Summit, which is based in Colorado. Summit said it signed a definitive agreement to acquire the assets for an enterprise value of $2.15 billion.
CenterPoint’s Arkansas and Oklahoma gas distribution systems serve approximately 525,000 customers and include 17,000 miles of gas main pipeline across Arkansas, Oklahoma, and Texarkana, Texas.
“In 2017, Summit expanded its footprint to Arkansas and Oklahoma with our acquisition of Arkansas Oklahoma Gas Corporation. Today, we couldn’t be more excited to announce our plans to serve more communities in these two great states with the acquisition of CenterPoint’s Arkansas and Oklahoma gas distribution systems,” said Summit Utilities President and CEO Kurt Adams. “CenterPoint has built a strong reputation for quality customer service and we are eager to carry on that tradition and continue to help families, businesses, and industries throughout Arkansas and Oklahoma meet their energy needs through the delivery of safe, reliable, and affordable natural gas services.”
Expanding its service territories in Arkansas and Oklahoma will provide Summit with additional scale and capacity to further its mission of providing exceptional service to natural gas customers in the region, the company said.
The transaction is anticipated to close by the end of 2021, subject to customary closing conditions, including Hart-Scott Rodino antitrust clearance and approval by the Public Service Commission of Arkansas and the Oklahoma Corporation Commission.
Summit Utilities, Inc. owns natural gas distribution and transmission subsidiaries that operate in Arkansas, Colorado, Maine, Missouri, and Oklahoma. Overall, Summit entities serve approximately 100,000 customers and operate more than 5,400 miles of pipeline in Arkansas, Colorado, Maine, Missouri, and Oklahoma.
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