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FTC requests more information in Superior Plus, Kamps deal

September 24, 2021 By    

Superior Plus Corp. received a request for additional information from the U.S. Federal Trade Commission (FTC) in connection with the pending acquisition by a wholly owned Superior Plus subsidiary of the equity interests of Kamps Propane, High Country Propane, Pick Up Propane, Kiva Energy, Competitive Capital and Propane Construction and Meter Services.

Kamps has also received a similar second request from the FTC. The second requests were issued under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended.

Superior Plus and Kamps have been working with the FTC as it conducts its review of the transaction. The second requests are a normal part of the FTC review process, according to Superior Plus. The effect of the second requests is to extend the waiting period imposed by the HSR Act until 30 days after Superior Plus and Kamps have substantially complied with the requests, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.

As a result of the ongoing FTC review, the acquisition of Kamps, which is subject to customary regulatory and commercial closing conditions, is now anticipated to close during the fourth quarter of 2021, Superior Plus says.

Superior Plus is a North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.

Featured photo: designer491/iStock / Getty Images Plus/Getty Images

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About the Author:

Brian Richesson is the editor in chief of LP Gas Magazine. Contact him at brichesson@northcoastmedia.net or 216-706-3748.

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