| Black Hills (BKH) Gets Clearance for SourceGas Acquisition | |
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Black Hills Corporation BKH announced that it has received Hart-Scott-Rodino clearance for its acquisition of Golden, CO-based SourceGas Holdings LLC. On Aug 18, 2015, the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for its proposed acquisition.
On Jul 12, Rapid City, SD-based Black Hills Corp. announced that it has entered into an agreement to acquire SourceGas Holdings for an approximate consideration of $1.9 billion.
SourceGas operates through four subsidiaries to provide natural gas transmission and distribution services to approximately 425,000 customers in four U.S. states. The acquisition is expected to be completed in the first half of 2016. (Read More: Black Hills (BKH) to Acquire SourceGas Holdings for $1.9B)
The acquisition is also subject to regulatory approvals by the Arkansas Public Service Commission, Colorado Public Utilities Commission, Nebraska Public Service Commission and Wyoming Public Service Commission. On Aug 10, both Black Hills and SourceGas filed joint applications with each of the state regulatory commissions seeking approval for the acquisition.
Currently, utility companies have been considering mergers and acquisitions as viable alternatives to cope with shrinking sales and growing costs to meet increasingly stringent environmental regulations and urgency to upgrade aging infrastructure.
In June, Wisconsin Energy Corporation completed the acquisition of Integrys Energy and formed WEC Energy Group WEC. The combined entity became one of the largest utilities of the Midwest, serving 4.4 million customers in Wisconsin, Illinois, Michigan and Minnesota.
However, the eagerly awaited completion of the merger of Exelon Corporation EXC and Pepco Holdings Inc. POM in the third quarter hit a road block. A panel of regulators from the District of Columbia Public Service Commission unanimously rejected the proposal, yesterday saying that it has been unable to find any evidence that the merger would increase the quality of service. (Read More: Pepco-Exelon Merger Rejected by Regulators)
Currently, Black Hills Corp. carries a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report WEC ENERGY GRP (WEC): Free Stock Analysis Report PEPCO HLDGS (POM): Free Stock Analysis Report EXELON CORP (EXC): Free Stock Analysis Report BLACK HILLS COR (BKH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Black Hills Corporation
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CODE : BKH |
ISIN : US0921131092 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Black Hills is a producing company based in United states of america. Black Hills is listed in Germany and in United States of America. Its market capitalisation is US$ 2.9 billions as of today (€ 2.7 billions). Its stock quote reached its lowest recent point on April 11, 1986 at US$ 1.27, and its highest recent level on February 07, 2020 at US$ 87.12. Black Hills has 53 544 761 shares outstanding. |