South Jersey Industries (SJI), an energy infrastructure holding company based in Folsom, N.J., has inked a share purchase deal with the Infrastructure Investments Fund (IIF).
Under the transaction, IIF will acquire SJI for $36 per share in cash, reflecting an enterprise value of $8.1 billion. The per-share purchase price represents a 46.3 percent premium to SJI’s 30-day volume-weighted average price as of Feb. 23, the last trading day prior to the announcement of the agreement.
Following the deal’s closing, SJI will remain locally managed and operated at its current headquarters. The company’s shares will no longer trade on the New York Stock Exchange, and SJI will become a private company. In addition, Mike Renna will continue to serve as CEO, and the current management team will also continue to lead SJI.
“As energy markets across the U.S. and New Jersey accelerate the transition toward low-carbon and renewable energy, the SJI board determined that now
