DALLAS, April 28, 2026 - Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, represented UGI Utilities, Inc. (“UGI Utilities”) on the sale of its Electric Division to funds managed by Argo Infrastructure Partners LP (“Argo”) for approximately $470 million.

The Electric Division comprises approximately 2,700 miles of transmission and distribution lines and 14 substations serving more than 63,000 customers in Luzerne and Wyoming counties, Pennsylvania. UGI Utilities is a wholly owned subsidiary of UGI Corporation (NYSE: UGI).

The purchase price is subject to working capital adjustments. After-tax proceeds will be used to reduce UGI Corporation debt and for general corporate purposes. The transaction is expected to close in the first quarter of calendar year 2027, subject to customary closing conditions and applicable regulatory approvals.

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the U.S. and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Baker Botts Lawyers/Offices Involved:

Corporate: Bryan Henderson (Partner, Dallas); Jenna Kabrich (Senior Associate, Austin); Rachel Brachman (Associate, Dallas)

Finance: Clint Culpepper (Partner, Austin)

Real Estate: Daniel Leventhal (Partner, Dallas)

Tax: Jordan Hahn (Partner, Dallas); Matt Larsen (Partner, Dallas); Meaghan Christner (Associate, Houston)

Environmental: Liz Singleton (Special Counsel, Houston)

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