Chesapeake Utilities Corporation Subsidiary, Sharp Energy, Expands Propane Services In North Carolina With Acquisition Of J.T. Lee And Son's; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Chesapeake Utilities Corporation's subsidiary, Sharp Energy, has acquired the propane operating assets of J.T. Lee and Son's in North Carolina. This acquisition adds approximately 3,000 customers and 800,000 gallons of propane distribution annually, along with a bulk plant with 60,000 gallons of storage. The deal is expected to bring cost savings and synergies due to an expanded service area in Wilmington.
December 19, 2023 | 9:37 pm
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Chesapeake Utilities Corporation, through its subsidiary Sharp Energy, has acquired propane assets in North Carolina, which is likely to enhance its customer base and operational efficiency.
The acquisition of J.T. Lee and Son's propane assets by CPK's subsidiary Sharp Energy is likely to have a positive short-term impact on CPK's stock. The addition of 3,000 customers and increased storage capacity can lead to revenue growth and operational efficiencies. While financial terms were not disclosed, the market typically reacts positively to expansion news that promises synergies and cost savings.
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