NJ Resources to Acquire Elizabethtown Gas for $1.03B

Ticker: NJR · Form: 8-K · Filed: Aug 6, 2024 · CIK: 356309

Sentiment: neutral

Topics: acquisition, natural-gas, regulation

Related Tickers: SJI

TL;DR

NJR buying Elizabethtown Gas for $1.03B, deal expected Q2 FY25.

AI Summary

New Jersey Resources Corporation (NJR) announced on August 6, 2024, that its subsidiary, New Jersey Natural Gas (NJNG), has entered into a definitive agreement to acquire the assets of the Elizabethtown Gas business from SJI, Inc. for approximately $1.03 billion. This acquisition is expected to close in the second quarter of fiscal year 2025, subject to regulatory approvals and other customary closing conditions.

Why It Matters

This significant acquisition by New Jersey Resources Corporation will expand its customer base and operational footprint in the natural gas distribution sector, potentially leading to increased revenue and market share.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory approvals and other closing conditions, which introduces uncertainty regarding its completion and timing.

Key Numbers

Key Players & Entities

FAQ

What is the total purchase price for the Elizabethtown Gas business?

The total purchase price for the Elizabethtown Gas business is approximately $1.03 billion.

Which subsidiary of New Jersey Resources Corporation is making the acquisition?

New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources Corporation, is acquiring the assets.

Who is the seller of the Elizabethtown Gas business?

The seller of the Elizabethtown Gas business is SJI, Inc.

When is the acquisition expected to be completed?

The acquisition is expected to close in the second quarter of fiscal year 2025.

What are the main conditions for the closing of the acquisition?

The acquisition is subject to regulatory approvals and other customary closing conditions.

Filing Stats: 626 words · 3 min read · ~2 pages · Grade level 10.9 · Accepted 2024-08-06 06:55:48

Key Financial Figures

Filing Documents

02

Item 2.02 Results of Operations and Financial Condition. On August 6, 2024, New Jersey Resources Corporation ("NJR") issued a press release reporting financial results for the third fiscal quarter ended June 30, 2024 (the "Press Release"). A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in Item 2.02 of this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

01

Item 7.01 Regulation FD Disclosure. NJR will deliver a presentation via live public webcast on August 6, 2024, at 10 a.m. ET. The slides to be used for the presentation are furnished herewith as Exhibit 99.2 and are incorporated by reference into Item 7.01 of this Current Report on Form 8-K. The information in Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit 99.1 Press Release dated August 6, 2024 (furnished, not filed) 99.2 Presentation dated August 6, 2024 (furnished, not filed) 104 Cover page in Inline XBRL format SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NEW JERSEY RESOURCES CORPORATION Date: August 6, 2024 By: /s/ Roberto F. Bel Roberto F. Bel Senior Vice President and Chief Financial Officer

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