homeWelcome, sign in or click here to subscribe.login
     


 

 

Business


print  email to a friend  reprints add to mydjc  

November 21, 2024

Northwest Natural Holdings

Northwest Natural Holdings has entered into an agreement to acquire SiEnergy Operating from SiEnergy Capital Partners (an affiliate of Ridgewood Infrastructure) for $273 million in cash and the assumption of $152 million of debt. Upon closing the transaction, which is expected to occur in the first quarter of 2025, SiEnergy will become a wholly owned subsidiary of NW Natural Holdings. SiEnergy serves approximately 70,000 residential and commercial customers in the greater metropolitan areas of Houston, Dallas, and Austin. SiEnergy has grown organically by providing infrastructure to residential and commercial developments in high-growth areas and has a current contracted customer backlog of over 180,000. NW Natural Holdings expects to finance the cash portion of the acquisition with junior subordinated notes in the first half of 2025, and has obtained a committed interim term loan from J.P. Morgan Securities to fund the purchase price. J.P. Morgan Securities is serving as exclusive financial advisor to NW Natural Holdings with Stoel Rives serving as legal advisor. NW Natural Holdings is headquartered in Portland, and has been doing business for over 165 years.




Email or user name:
Password:
 
Forgot password? Click here.