CenterPoint Energy (CNP) announced the sale of its Ohio natural gas Local Distribution Company business, Vectren Energy Delivery of Ohio, LLC, to National Fuel Gas Company (NFG), a diversified energy company headquartered in Western New York, for $2.62B. The assets include approximately 5,900 miles of transmission and distribution pipeline in Ohio serving approximately 335,000 metered customers. The sales price of $2.62B represents an approximately 1.9x multiple of 2024 Ohio LDC rate base. The transaction is subject to customary closing conditions, including completion of Hart-Scott-Rodino review and completion of a notice filing and review with the Public Utilities Commission of Ohio. CenterPoint expects the transaction to close in the fourth quarter of 2026. The Company expects to receive $1.42B in proceeds in 2026 and the remaining $1.20B in 2027 pursuant to a seller note to be entered into at closing.
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