A New York-based infrastructure investment firm plans on acquiring Hawai‘i Gas, pending approval by the state Public Utilities Commission.
Hawai‘i Gas is the state’s only gas utility and largest propane distributor. It is currently a subsidiary of Macquarie Infrastructure Corporation. In a release, Macquarie said Hawai‘i Gas has an enterprise value of more than $500 million.
Hawai‘i Gas said the sale to Argo Infrastructure Partners will not affect its employee count, wages or union relationships. The company’s headquarters, management team and local directors will also remain in place.
Argo will also appoint a qualified Hawai‘i resident to its board of directors, according to a release.
"We fully support the State of Hawaii's goal of carbon neutrality by 2045 and Hawaii Gas' contributions to this goal, while continuing to provide safe and reliable gas energy services to residents and businesses," said Richard Klapow, managing director of the firm. "We are firmly committed to the environmental leadership of the state and Hawaii Gas."
The sale is expected to close in the first half of 2022.
