South Jersey Industries to be Acquired by Infrastructure Investments Fund
Feb 24, 2022 By MarketDepth
South Jersey Industries, Inc. (NYSE: SJI) announced that it has entered into a definitive agreement to be acquired by Infrastructure Investments Fund.
Cash Transaction
IIF will pay SJI $36.00 per share in cash, reflecting an enterprise value of approximately $8.1 billion.
“As energy markets across the U.S. and New Jersey accelerate the transition toward low carbon and renewable energy, the SJI Board determined that now is the opportune time to join forces with IIF.”
Mike Renna, President and CEO, SJI
SJI will remain locally managed and operated, following the transaction, remaining in its headquarters in Folsom, New Jersey. Furthermore, Mike Renna will continue as Chief Executive Officer.
“SJI has established itself as a leader among its peers, distinguished by the strength of its utilities and ability to provide quality service to its customers. SJI’s long track record of investing in sustainability and clean energy initiatives has translated into a clear competitive advantage.”
Andrew Gilbert, Investment Principal to IIF
Upon completion of the transaction, SJI’s shares will no longer trade on the New York Stock Exchange, and SJI will become a private company.
