JPMorgan's Infrastructure Fund to Buy South Jersey Industries
February 24 2022 - 7:57AM
Dow Jones News
By Colin Kellaher
South Jersey Industries Inc. on Thursday said it agreed to be
acquired by Infrastructure Investments Fund, an infrastructure fund
of J.P. Morgan Investment Management Inc., for more than $4
billion, or $36 a share, in cash.
The purchase price represents a premium of 53% to Wednesday's
closing price of $23.48 for the Folsom, N.J., utility holding
company.
Including South Jersey's debt, the deal carries an enterprise
value of about $8.1 billion.
South Jersey said it expects the transaction to close by the end
of the year.
Shares of South Jersey rose nearly 46%, to $34.24, in premarket
trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 24, 2022 07:42 ET (12:42 GMT)
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