UGI expands midstream portfolio with acquisition

UGI Energy Services, a subsidiary of UGI Corporation, has announced that it has entered into an agreement with TC Energy to acquire the equity interests of Columbia Midstream Group from one of TC Energy’s subsidiaries. The deal is worth roughly $1.25 billion, and will allow UGI to “expand [their] midstream capabilities in the prolific…Southwest Appalachian Basin,” according to UGI president and CEO John L. Walsh.  Other “compelling financial and strategic benefits,” according to UGI and reported by BusinessWire, include diversification, expansion of revenue, portfolio-building and an expanded footprint in the midstream asset market across Utica and Marcellus. Read the full story, including financing and closing details, here.

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