KKR reportedly makes $9 billion takeover bid for UGI Corporation

KKR has reportedly made an approximately $9 billion takeover bid for UGI Corporation, the Pennsylvania-based energy company. The private equity firm has offered to acquire UGI at $42.50 per share, representing a 21.1% premium over the company’s August 17 closing price. If successful, the acquisition would grant KKR control over UGI’s diversified portfolio, which includes regulated natural gas and electric utilities, midstream operations, and AmeriGas, the largest retail propane distribution business in the United States.

Separately, UGI has reaffirmed its fiscal 2026 adjusted earnings outlook despite reporting a third-quarter GAAP diluted loss of $0.62 per share. The company is also moving closer to regulatory approval for a proposed $65 million gas distribution rate increase in Pennsylvania. Administrative law judges have recommended a settlement that would allow for a two-stage revenue increase starting in October 2026. UGI leadership noted that rising natural gas demand from data centers and power generation could serve as significant growth drivers.