SOUTH JERSEY INDUSTRIES, INC. (NYSE:SJI) Files An 8-K Completion of Acquisition or Disposition of Assets

SOUTH JERSEY INDUSTRIES, INC. (NYSE:SJI) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01

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Completion of Acquisition or Disposition of Assets

As previously announced, on June 27, 2018, South Jersey Industries, Inc., a New Jersey corporation (the “Company”), through its indirectly wholly-owned subsidiary, Marina Energy LLC, a New Jersey limited liability company (“Marina”), entered into a series of agreements whereby Marina will sell its portfolio of solar energy assets (the “Transaction”) to an entity managed by Goldman Sachs Asset Management (“Buyer”) for total consideration of approximately $350 million in cash.

As previously disclosed, the Company has been transferring ownership of these assets through multiple closings, as conditions precedent are met. Effective February 28, 2019, the Company closed on the disposition of additional solar sites across New Jersey and Massachusetts. Total net consideration received for the sale of these divestitures is approximately $20.1 million in cash. This is in addition to the assets that were previously disposed of as of December 31, 2018, as set forth in Item 2.01 of the Company Current Report on Form 8-K, filed with the United States Securities and Exchange Commission on January 3, 2019, and which is incorporated herein by reference.

To date, the Company has closed on a total of $304.3 million in cash related to the projects that have already closed. There are remaining sites that have not closed due to outstanding conditions precedent. The Company and Buyer are seeking to resolve the open issues and close on these remaining projects, however, there is no assurance that all remaining projects will close as part of the Transaction.

The information provided in Exhibit 99.1 hereto is incorporated by reference into this Item 2.01.

Item 9.01

Financial Statements and Exhibits.

(b)

Pro forma financial information.

The unaudited pro forma consolidated financial information of the Company giving effect to the above Transaction, and the related notes thereto, have been derived from its historical consolidated financial statements and are attached hereto as Exhibit 99.1.

Exhibit No.

Description

Unaudited pro forma condensed consolidated financial statements and explanatory notes for the Company as of and for year ended December 31, 2018.

SOUTH JERSEY INDUSTRIES INC Exhibit
EX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 Unaudited Pro Forma Condensed Consolidated Financial Information On June 27,…
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About SOUTH JERSEY INDUSTRIES, INC. (NYSE:SJI)

South Jersey Industries, Inc. (SJI) is an energy services holding company. The Company provides a range of energy-related products and services, primarily through its subsidiaries. Its subsidiaries include South Jersey Gas Company (SJG), South Jersey Energy Company (SJE), South Jersey Resources Group, LLC (SJRG), South Jersey Exploration, LLC (SJEX), Marina Energy, LLC (Marina), South Jersey Energy Service Plus, LLC (SJESP) and SJI Midstream, LLC. The Company operates through various segments, including Gas utility operations (SJG), Wholesale energy operations, SJE, On-Site energy production, Appliance service operations and Corporate & Services. The Company groups its nonutility operations into over two categories: Energy Group and Energy Services. Energy Group includes wholesale energy, retail gas and other, and retail electric operations. Energy Services include on-site energy production and appliance service operations.

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