Black Hills Energy completes SourceGas purchase
Black Hills Energy has completed its SourceGas acquisition, which was announced last summer.
SourceGas primarily operates four regulated natural gas utilities serving approximately 93,000 customers in 73 communities in Colorado, including Glenwood Springs, Montrose, Edwards and Frederick, as well as 332,000 customers in Arkansas, Nebraska and Wyoming.
The former SourceGas will immediately begin operating under the Black Hills Energy name. Customers should continue to use SourceGas contacts and locations for bill payment, service questions and emergencies. The customer service and emergencies number remains 800-563-0012.
Beginning in March, SourceGas customers will start to see the Black Hills Energy logo alongside the SourceGas logo on their bills and the new customer website, http://www.SourceGasIsBlackHills.com, while the companies integrate employees and customer service systems. The Black Hills Energy logo will replace the SourceGas logo on buildings, company vehicles, employee uniforms and more.
Black Hills Energy will use television, radio, print, electronic media, bill inserts, newsletters, advertisements and more to keep customers informed.
Black Hills Energy announced in July 2015 that it was the successful bidder to purchase SourceGas from investment funds managed by Alinda Capital Partners and GE Energy Financial Services. It said at the time that the purchase involved total consideration of $1.89 billion, including reimbursement of an estimated $200 million in capital expenditures through closing and the assumption of $720 million of debt projected at closing. The effective purchase price was $1.74 billion taking into account approximately $150 million of tax benefits resulting from the transaction.
The purchase was approved by the Colorado Public Utilities Commission and the utility commissions in Arkansas, Nebraska and Wyoming.
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