AmeriGas Propane, L.P., a retail propane distributor and a wholly owned subsidiary of UGI Corporation (UGI), said on Friday that it has inked a deal to sell certain of its assets in Hawaii to Isle Gas.
The transaction, to be closed in the fourth quarter, includes the sale of around 750,000 gallons of propane storage facilities and multiple delivery fleets used to serve customers throughout Hawaii.
Mike Sharp, President of AmeriGas, said: "This divestiture reflects our commitment to maximize value through our unwavering focus on driving better operational and financial performance coupled with strategic portfolio management. Exiting the Hawaii operations allows us to concentrate our resources and supply infrastructure on markets where we can achieve superior operational results and deliver enhanced customer value."
AmeriGas will use the proceeds from this transaction to repay debt.
Isle Gas is a wholly owned subsidiary of AMF Hawaii Investment Holdings, LLC, managedby Argo Infrastructure Partners.
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