Summit Utilities, Inc. Closes on Purchase of Arkansas and Oklahoma Gas Distribution Assets from CenterPoint Energy

LITTLE ROCK, Ark., Jan. 10, 2022 /PRNewswire/ -- Summit Utilities, Inc. ("Summit") announced today that it has closed on its acquisition of the gas distribution assets of CenterPoint Energy, Inc. ("CenterPoint") in Arkansas, Oklahoma and Texarkana, Texas. 

"At Summit, we are committed to helping our communities thrive by providing safe and affordable energy solutions that keep homes warm, businesses growing and industry running," said Summit President and CEO Kurt Adams. "That is why we are honored to be expanding our footprint in Arkansas and Oklahoma while adding the Texarkana area to our service territory. Our mission is to help families, businesses, and industries meet their energy needs while providing high quality customer service. We are eager to become a part of the community in these new service territories and do our part to help them prosper."

The gas distribution systems included in the transaction serve approximately 525,000 customers in Arkansas, Oklahoma and Texas, and include 17,000 miles of gas main pipeline across those three states. As part of the acquisition, Summit will be welcoming nearly 600 CenterPoint team members to the company.

"The team members that are serving Arkansas, Oklahoma, and Texarkana communities today will continue to deliver exceptional natural gas service to our customers," said Adams. "Although the name of the company that provides this service will be changing from CenterPoint Energy to Summit Utilities, our objective is to make this transition as seamless as possible."

Transaction Details:

The transaction received approval from both the Oklahoma Corporation Commission ("OCC") and Arkansas Public Service Commission ("APSC").  OCC approval was granted on November 16, 2021. APSC approval was granted on December 6, 2021, after an agreement was reached between Summit, CenterPoint, APSC's General Staff, the Attorney General, and groups representing Arkansas consumers. 

Transition Details:

There will be a period of up to one year where the two companies will work together to migrate all operations and services to Summit. During that transition period, CenterPoint will continue to provide certain services to customers on behalf of Summit Utilities including aspects of billing, customer support and marketing. While this is a large, complex transaction, Summit and CenterPoint will endeavor to provide a seamless transition.

Customers will not have to make any changes today to continue their current service. During the transition, customers should continue to visit www.CenterPointEnergy.com to access account information online or call 800-992-7552 in Arkansas and Texarkana, and 866-275-5265 in Oklahoma for customer service.

To report a natural gas outage or emergency, customers should call 800-992-7552 or call 911.

Advisors:

Centerview Partners LLC and KeyBanc Capital Markets served as financial advisors, and Morgan, Lewis & Bockius LLP served as legal counsel to Summit. In addition, a committed bridge financing facility to support the transaction was provided by KeyBank National Association.

About Summit Utilities, Inc.:

Summit Utilities, Inc. owns natural gas distribution and transmission subsidiaries that operate in Arkansas, Colorado, Maine, Missouri, Oklahoma, and Texas. The company provides safe, clean and affordable natural gas to businesses and residents in six states through Arkansas Oklahoma Gas, Colorado Natural Gas, Summit Natural Gas of Maine, Summit Natural Gas of Missouri, Summit Utilities of Arkansas, and Summit Utilities of Oklahoma. Each of Summit's natural gas distribution and transmission subsidiaries constructs and installs natural gas distribution systems with the goal of supporting economic development by providing clean-burning, safe and reliable natural gas to residential and commercial customers through exceptional customer service and commitment to community. Overall, Summit entities serve approximately 625,000 customers and operate more than 23,400 miles of pipeline.

CONTACT:
Lizzy Reinholt
(207) 399-8569
[email protected]

SOURCE Summit Utilities, Inc.