First Reserve to take Gas Natural private for $196M
October 11, 2016
Gas Utilities | Cleveland, OH | Buyout
First Reserve has agreed to acquire all outstanding shares of Gas Natural (NYSE MKT: EGAS) for $13.10 per share, representing a total enterprise value of approximately $196 million. The purchase price represents a 71% premium over the company's closing stock price of $7.68 last Friday. Gas Natural operates natural gas utilities serving approximately 68,000 customers in Maine, Montana, North Carolina and Ohio. The company's stock closed trading Monday at $12.65 per share.