South Jersey Industries Surge 39% On Deal To Be Acquired By Infrastructure Investm

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Investing.com — South Jersey Industries Inc (NYSE:SJI) stock jumped 39.8% on Thursday after it announced it has agreed to be acquired by Infrastructure Investment Fund (IIF).

The agreement will see IIF purchase SJI for $36 per share in cash, amounting to $8.1 billion. In addition, the boards plan to join forces to execute SJI’s clean energy and decarbonization initiatives to reach its environmental goals.

“As energy markets across the U.S. and New Jersey accelerate the transition toward low carbon and renewable energy, the SJI Board determined that now is the opportune time to join forces with IIF,” said Mike Renna, president and CEO of SJI.

The transaction is expected to close in the fourth quarter of 2022, and after completion, SJI will become a private company with its shares no longer trading on the New York Stock Exchange.

Shares rallied to $32.83 during the U.S. session.