Chesapeake Utilities Corporation entered into a definitive agreement to acquire Florida City Gas from Florida Power & Light Company for approximately $920 million on September 26, 2023. Upon closing of the transaction, which is expected to occur by the end of the fourth quarter of 2023, FCG will become a wholly owned subsidiary of Chesapeake Utilities. Chesapeake Utilities plans to finance the transaction with a mix of equity and long-term debt and it has obtained committed financing to fund the purchase price pursuant to a commitment letter entered into on September 26, 2023, with Barclays Bank PLC, which provides commitments for a 364-day bridge loan facility in an aggregate initial principal amount of $965 million. For year 2022, Florida City Gas had net income of $40 million. The transaction is expected to close by the end of the fourth quarter of 2023, subject to expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and regulatory approval. Barclays served as financial advisor to Chesapeake Utilities. Lara Aryani, Creighton Condon, Sebastian de la Puente, Drew Elphick, and Jake Shaughnessy of Shearman & Sterling and Baker Hostetler served as legal advisors to Chesapeake Utilities. Norton Rose Fulbright US LLP served as legal advisor to Florida Power & Light Company.

Chesapeake Utilities Corporation completed the acquisition of Florida City Gas from Florida Power & Light Company on November 30, 2023. As per the filling of Feb 21, 2024, the net purchase price is approximately $920 million which includes cash acquired as $2.27 million.