NiSource Completes Sale of Northern Utilities and Granite State Gas Transmission to Unitil Corporation

NiSource Inc. has completed the previously announced sale of Northern Utilities Inc. and Granite State Gas Transmission Inc. to Unitil Corporation for $160 million plus $41.6 million for working capital, including approximately $33.9 million of natural gas storage inventory.

“The successful sale of these assets puts NiSource into a position to focus even more closely on our long-term growth plan,” NiSource President and Chief Executive Officer Robert C. Skaggs, Jr. said. “NiSource is committed to building long-term growth by focusing on commercial development and expansion of our natural gas pipeline and storage business, as well as investment-driven growth at our core regulated utility businesses.”

NiSource, which acquired Northern and Granite as part of the company’s larger acquisition of Bay State Gas Company in 1999, is retaining ownership of Bay State Gas as a core component of the company’s long-term, investment-driven growth strategy.