KKR Makes $9 Billion Takeover Bid for UGI at $42.50 a Share

KKR has offered to acquire UGI Corporation, a Pennsylvania-based natural gas and electricity distributor, for approximately $9 billion, or $42.50 per share in cash, according to people familiar with the matter cited by The Wall Street Journal. The bid was reported on August 18, 2026, and sent UGI shares sharply higher. UGI's stock had been little changed over the prior year before the offer emerged, making the bid a significant premium for shareholders.

The approach underscores continued private equity appetite for regulated energy infrastructure assets.