South Jersey Industries Q4 Profit Rises; Announces Acquisition By Private Investment Co.

(RTTNews) - Energy infrastructure holding company South Jersey Industries Inc.(SJI) on Thursday announced higher profit in the fourth quarter, helped by good performance of its non-utility segment. The company also said it has signed an agreement to be acquired by a private investment fund.

In the three-month period, the company reported earnings of $82.2 million or $0.72 per share, up from $69.1 million or $0.69 per share in the year-ago quarter.

On a non-GAAP basis, economic earnings climbed to $66.0 million or $0.58 per share from $63.0 million or $0.62 per share in the same period last year.

In a separate statement, the company said that it has entered into a definitive agreement to be acquired by the Infrastructure Investments Fund, an investment company advised by J.P. Morgan Investment Management Inc. (IIF). The per share purchase price of $36.00 represents a 46.3 percent premium to SJI's 30-day volume weighted average price or VWAP as of February 23, 2022, the last trading day before the announcement of the agreement.

The transaction was unanimously approved by SJI's Board of Directors and is expected to close in the fourth quarter of 2022. Upon completion of the transaction, SJI's shares will no longer trade on the New York Stock Exchange, and SJI will become a private company.