Retail Supplier Announces Acquisition Of Infinite Energy's Natural Gas Business
October 20, 2020 Email This Story Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Update, 10/20, 5:10 p.m.
Asked specifically about Infinite Energy's Texas retail electric business, a media representative for Infinite stated, "Nothing is changing for Texas at this time."
Gas South announced today that it, "will acquire Florida-based Infinite Energy."
While Gas South describes the acquisition as being of the company Infinite Energy, Infinite Energy's retail electricity business in Texas is excluded from the transaction.
As part of the transaction, Gas South will acquire Infinite Energy's wholesale and retail natural gas business and customer list, located primarily in the states of Georgia and Florida.
Gas South serves more than 300,000 residential, business and governmental customers in Georgia, Florida, North Carolina and South Carolina
With this acquisition, Gas South expects to more than double its annual revenue to approximately $1 billion. The combined company will provide natural gas service to approximately 425,000 residential, commercial, industrial and wholesale customers throughout the Southeast. The company's headquarters will remain in Atlanta, but Gas South will retain Infinite Energy's presence in Gainesville, Fla., where it was founded in 1994 by co-CEOs Darin Cook and Rich Blaser.
The acquisition will be supported by a revolving credit facility jointly led by Truist Securities and J.P. Morgan Chase Bank, N.A.
The acquisition is subject to customary regulatory approvals and is expected to close by the end of 2020.