July 2, 2008
On July 1, MDU Resources Group, Inc. announced that it entered into an agreement to acquire Intermountain Gas Company, a wholly owned subsidiary of Willkie client Intermountain Industries, Inc., a privately held company. The acquisition is a cash-for-stock transaction with an enterprise value of approximately $328 million, including debt. Upon completion of the transaction, Intermountain will become an indirect wholly owned subsidiary of MDU Resources, continuing to operate as Intermountain Gas Company. Boise, ID-based Intermountain Gas serves more than 300,000 natural gas customers in 74 communities in Idaho. MDU Resources Group, Inc., based in Bismarck, ND, provides value-added natural resource products and related services that are essential to energy and transportation infrastructure. The deal was handled by partners William Gump, Frank Daniele and Christopher Peters and associates Russell Leaf and Douglas Tedeschi.
