Argo Infrastructure Partners has agreed to pay $150 million for all the shares outstanding of common stock of Corning Natural Gas Holding Corp., a provider of natural gas and electricity to customers in New York and Pennsylvania.
Under the terms of the transaction, Argo will pay $24.75 per share of Corning in what is structured as a merger. The companies expect to complete the transaction in the second half of 2021.
“We were attracted to Corning’s high quality asset base, leadership, and customer commitment,” said Richard Klapow, managing director for Argo. “Our team’s decades of experience managing gas and electric utility investments, combined with our access to long-term capital, places us in an ideal position to support Corning’s ongoing infrastructure investment program and management’s efforts in achieving its customer service goals.”
Upon the completion of the merger, Corning will maintain its leadership team and employees with no changes
