Shearman & Sterling represented Chesapeake Utilities Corporation in a definitive agreement to acquire Florida City Gas from NextEra Energy, Inc. for $923 million in cash. Upon close of the transaction, expected by the end of the fourth quarter of 2023, Florida City Gas will become a wholly-owned subsidiary of Chesapeake Utilities.
Chesapeake Utilities Corp. is a diversified energy delivery company listed on the New York Stock Exchange. Florida City Gas serves approximately 120,000 residential and commercial natural gas customers across eight counties in Florida including Miami-Dade, Broward, Brevard, Palm Beach, Hendry, Martin, St. Lucie and Indian River. The transaction was announced on Sept. 26, 2023 in a press release.