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Sprague Resources To Acquire Retail Energy Marketer
Sprague Resources LP announced today that its wholly owned subsidiary, Sprague Operating Resources LLC, signed a definitive agreement with Metromedia Gas & Power, Inc. and certain energy related affiliates ("Metromedia Energy") to acquire the assets of its natural gas and electricity marketing business for $22 million in cash and the assumption of liabilities under pre-existing forward supply contracts.
Metromedia Energy, headquartered in Eatontown, New Jersey, is a marketer of natural gas and electricity to commercial, industrial and municipal consumers in the Northeast and Mid-Atlantic, providing customers with solutions for approximately 15 Bcf of natural gas and 150 MW of power demand annually.
Metromedia Energy's natural gas portfolio includes more than 10,000 accounts behind thirty utilities served from twelve interstate pipeline connections between Virginia and Maine and as far west as Ohio.
Metromedia Energy also provides electricity brokerage services for more than 7,000 commercial and industrial accounts behind forty-six utilities across seventeen states and the nation's capital.
The acquisition, which is subject to customary closing conditions, is expected to close within thirty days.
"The acquisition both strengthens our presence in Sprague's core Northeast market, and expands our geographic reach. Combining Metromedia Energy's successful marketing platform with our existing marketing teams and extensive supply and logistics capabilities will grow our customer base and provide more opportunities to leverage our multiple pathways to customer burner tips. We also expect to apply Metromedia Energy's extensive electricity brokerage capabilities across our existing customer base," said David Glendon, President and CEO of Sprague.
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September 11, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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