April 2, 2019 / 11:04 AM / 2 months ago

UPDATE 1-UGI Corp to buy 75 pct of AmeriGas Partners in $2.44 bln deal

(Adds deal details)

April 2 (Reuters) - Energy distributor UGI Corp said on Tuesday it will buy the nearly 75 percent it does not own in retail propane marketer AmeriGas Partners L.P. in a cash-and-stock deal valued at $2.44 billion.

UGI Corp, which is headquartered in Pennsylvania, also updated its fiscal 2019 profit guidance to the range of $2.40-$2.60 per share from $2.75-$2.95 due to significantly warmer-than-normal winter in its European markets. Under the deal, AmeriGas shareholders will receive 0.50 shares of UGI in addition to $7.63 in cash for each share owned.

The offer represents a premium of 13.5 percent to AmeriGas' Monday closing price.

Shares of AmeriGas rose 2.3 percent to $31.85 in premarket trading.

Reporting by Shradha Singh in Bengaluru; Editing by Shailesh Kuber and Arun Koyyur

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