UGI Corporation, through its subsidiary UGI Energy Services, LLC (UGIES), Monday announced the completion of Pine Run Gathering LLC's $120 million acquisition of Superior Midstream Appalachian.
Pine Run Gathering is a joint venture in which UGIES holds a 49 percent ownership stake, alongside Stonehenge Energy Resources III which owns 51 percent.
Superior Appalachian owns and operates three strategically located gathering systems in Pennsylvania: Pittsburgh Mills, Snow Shoe, and Brookfield. Notably, the Pittsburgh Mills system is integrated with UGIES' Big Pine gathering system, enhancing connectivity and operational efficiency.
This acquisition, wholly financed through debt at Pine Run Gathering, is expected to be immediately accretive to earnings.
UGI closed Monday's trading at $30.80 up 1.58 percent or $0.48 on the New York Stock Exchange.
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