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Ascendant Group Limited Announces Sale of Bermuda Gas to Rubis Energy Bermuda
Hamilton, Bermuda – 13 April, 2016 – In a filing with the Bermuda Stock Exchange (“BSX”), Ascendant Group Limited (the "Ascendant Group" or “Company”; Ticker: AGL.BH) today announced the sale of Bermuda Gas to Rubis Energy Bermuda. The filing stated:
Following an expression of interest from Rubis Energy Bermuda (Rubis), Ascendant Group Limited has agreed to sell its propane distribution and commercial service company, Bermuda Gas, to propane supplier Rubis for a consideration of $[17.7] million plus final closing adjustments to reflect the working capital in the business. Under the agreement all 18 Bermuda Gas employees will retain employment in Bermuda Gas.
In June 2015, Bermuda Gas exited the retail appliance sales, parts and repair business to focus on competitiveness in its core propane distribution market. Ascendant Group President & Chief Executive Officer Walter Higgins said, “While Ascendant was not actively seeking to exit the propane distribution business, the sale of Bermuda Gas to a well respected, experienced local company at an attractive valuation provides an opportunity for the Company to reserve capital for anticipated new energy infrastructure investment and other corporate needs.”
As Bermuda Gas is transitioning to Rubis, the business will retain a presence at its present location at 27 Serpentine Road. Bermuda Gas will work with Rubis to ensure there is a seamless transition for customers.