NEE - NextEra Energy Sells Florida City Gas To Chesapeake Utilities: Here's Details | Benzinga
NextEra Energy Inc's (NYSE: NEE) Florida Power & Light Company subsidiary penned a deal to sell Florida City Gas (FCG) to Chesapeake Utilities Corp (NYSE: CPK) for $923 million in cash.
FCG serves about 120,000 residential and commercial natural gas customers in Florida, and its natural gas system comprises about 3,800 miles of distribution main and 80 miles of transmission pipe.
Post closure, FCG will become a wholly owned subsidiary of CPK.
The transaction, which comprises intercompany debt of $145 million, is expected to close in Q4 FY23 subject to the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions.
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