Argo Infrastructure Partners has acquired 100 percent of the common and preferred stock of Corning Natural Gas Holding Corp., a diversified gas and electric utility.
Argo said it was attracted to Corning’s high-quality asset base, leadership and customer commitment. The companies say they are committed to maintaining the same high levels of customer service, safety and reliability that have been hallmarks of Corning’s three utility subsidiaries.
“This merger will allow Corning’s three utility subsidiaries to access long-term capital to invest more robustly in critical utility infrastructure,” said Mike German, CEO and president of Corning. “Anticipated new infrastructure investment facilitated by this transaction, including to support pipeline replacement and electric grid resiliency, will benefit our customers and the communities we serve.”
Financial terms were not disclosed.