(SJI) South Jersey Industries Inc. stock rose more than 40% after agreeing to an acquisition deal of about $8.1 billion by Infrastructure Investments Fund.
The deal, at $36 per share, is about 46.3% premium to SJI’s 30-day VWAP as of February 23, 2022.
SJI expects the acquisition to avail the resources needed to modernize its critical infrastructure, including its decarbonization efforts by 2040.
The deal is expected to close in the fourth quarter of the year, having been unanimously approved by the Board of Directors of SJI.
SJI: NYSE is up +41.39%.
