South Jersey Industries Inc. said Thursday it has entered an agreement to be acquired by the Infrastructure Investments Fund, a private vehicle, in a deal with an enterprise value of about $8.1 billion. Under the term of the deal, IIF will pay $36 for each SJI share owned, equal to a premium of 46.3% over the stock's 30-day volume weighted average price as of Wednesday's close. The stock jumped 47% premarket. The deal is expected to close by the fourth quarter of 2022 and have already been unanimously approved by the SJI board. "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 company will remain locally managed and headquartered in Folsom, New Jersey once the deal closes and Renna will continue in his role.
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