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Utility Black Hills Corp. Acquires SourceGas For $1.2B

Associated Press0

OMAHA, Neb. (AP) — Regional utility Black Hills Corp. is buying natural gas provider SourceGas, which serves 425,000 customers in Nebraska, Arkansas, Colorado and Wyoming, for roughly $1.2 billion.

Black Hills is buying control of SourceGas from by Alinda Capital Partners and GE Energy Financial. As part of the deal, Black Hills is also assuming $720 million of debt and expecting to receive $150 million in tax benefits.

Black Hills Chairman, President and CEO David Emery told investors Monday this deal will strengthen the Rapid City, South Dakota-based utility and increase its profits.

Black Hills will serve more than 1.2 million customers after the addition of SourceGas, which is based in Golden, Colorado. The deal is expected to close sometime in the first half of 2016.

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