Simpson Thacher is representing First Reserve Corporation in connection with the definitive agreement for the acquisition of Gas Natural Inc. (NYSE MKT: EGAS) by an energy infrastructure investment fund sponsored by First Reserve for $13.10 per share in an all-cash transaction, reflecting a total enterprise value of approximately $196 million. The transaction, which is expected to close in the second half of 2017, is subject to shareholder and regulatory approvals and other customary closing conditions.
Gas Natural Inc., a holding company, distributes and sells natural gas to residential, commercial, and industrial customers. It distributes approximately 21 billion cubic feet of natural gas to roughly 68,000 customers through regulated utilities operating in Montana, Ohio, Maine and North Carolina. Gas Natural Inc.'s other operations include intrastate pipeline, natural gas production and natural gas marketing. Gas Natural Inc.'s Montana public utility was originally incorporated in 1909.
The Simpson Thacher team working on the transaction included Bill Curbow, Brian Chisling, William Allen, Isaac Gruber and Sara Campbell (M&A); Aimee Adler and Samantha Steinfeld (ECEB); John Creed and Michael Badain (Tax); Michael Isby, Timothy Mulvihill and Noreen Lavan (Environmental); Lori Lesser (Intellectual Property); Krista McManus and Dennis Loiacono (Real Estate); and Jonathan Lindabury and Andrew Des Rault (Derivatives).