Stratrix
On the Record · UGI

UGI acquisitions, on the record

The businesses UGI bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.

Deals its annual reports describe

BusinessDealWhenValue
energy marketing business located in the United Kingdom
Word for word“In October 2022, UGI International, through a wholly-owned subsidiary, sold its natural gas marketing business located in the U.K. for a net cash payment to the buyer of $19 million which includes certain working capital adjustments.” 10-K for 2023
divestitureOctober 2022$19 million
energy marketing business located in Belgium
Word for word“In September 2023, UGI International, through a wholly-owned subsidiary, sold its energy marketing business located in Belgium for a net cash payment to the buyer of $3 million.” 10-K for 2023
divestitureSeptember 2023$3 million
substantially all of energy marketing business located in France
Word for word“In October 2023, UGI International, through a wholly-owned subsidiary, sold substantially all of its energy marketing business located in France for a net cash payment to the buyer of $25 million (which approximates a pre-tax loss) subject to certain adjustments principally related to the pending transfer of certain customer contracts.” 10-K for 2023
divestitureOctober 2023$25 million
Stonehenge Appalachia, LLC (renamed UGI Moraine East)
Word for word“In January 2022, Energy Services acquired Stonehenge Appalachia, LLC from Stonehenge Energy Holdings, LLC and subsequently renamed the system UGI Moraine East.” 10-K for 2023
acquisitionJanuary 2022—
Mountaineer Gas Company (Mountaintop Energy Holdings, LLC)
Word for word“In September 2021, we completed the Mountaineer Acquisition, whereby Mountaineer Gas Company became an indirect, wholly owned subsidiary of UGI.” 10-K for 2023
acquisitionSeptember 2021—
remaining 53% ownership interest in Pennant
Word for word“The increase in earnings before interest expense and income taxes principally reflects the higher operating income ($39 million), partially offset by lower income from equity investees ($17 million) following the acquisition of the remaining 53% ownership interest in Pennant during the fourth quarter of Fiscal 2022.” 10-K for 2023
acquisitionfourth quarter of Fiscal 2022—
substantially all of non-core European energy marketing business
Word for word“During Fiscal 2024, we completed our previously announced exit of substantially all of our non-core European energy marketing business, which had primarily marketed natural gas and electricity to customers in France, Belgium, the Netherlands and the United Kingdom.” 10-K for 2024
agreed divestitureDuring Fiscal 2024—
LPG business in Switzerland
Word for word“In addition, we divested all of our LPG business in Switzerland.” 10-K for 2024
divestiture——
energy marketing business located in France
Word for word“In October 2023, UGI International, through a wholly-owned subsidiary, sold substantially all of its energy marketing business located in France for a net cash payment to the buyer of $29 million.” 10-K for 2024
divestitureIn October 2023a net cash payment to the buyer of $29 million
natural gas marketing business located in the U.K.
Word for word“In October 2022, UGI International, through a wholly-owned subsidiary, sold its natural gas marketing business located in the U.K. for a net cash payment to the buyer of $19 million.” 10-K for 2024
divestitureIn October 2022a net cash payment to the buyer of $19 million
LPG distribution business in Italy (UniverGas)
Word for word“During Fiscal 2025, as part of our ongoing global LPG business portfolio optimization efforts, we completed the divestiture of our LPG distribution business in Italy and recently announced we entered into a definitive agreement to divest our LPG distribution business in Austria.” 10-K for 2025
divestitureDuring Fiscal 2025—
LPG distribution business in Austria
Word for word“In October 2025, UGI International, through a wholly-owned subsidiary, entered into a definitive agreement to divest its LPG distribution business located in Austria.” 10-K for 2025
agreed divestitureIn October 2025—
cylinder business in the United Kingdom
Word for word“In June 2025, UGI International, through a wholly-owned subsidiary, entered into a definitive agreement to divest its cylinder business in the United Kingdom.” 10-K for 2025
agreed divestitureIn June 2025—
propane business located in Hawaii
Word for word“In September 2025, AmeriGas OLP completed the sale of its propane business located in Hawaii.” 10-K for 2025
divestitureIn September 2025—
As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year endedCash paid for acquisitions (net of cash acquired)Goodwill from acquisitions
2016-09-30$61.2 million$41.1 million
2017-09-30$100.8 million$78.5 million
2018-09-30$187 million$59.4 million
2019-09-30$1.36 billion$356 million
2020-09-30$16 million—
2021-09-30$397 million$261 million
2022-09-30$242 million—
2023-09-30$9 million$3 million
2024-09-30$0—
2025-09-30$0—

Deal filings since 2016

Read from UGI’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2025-11-21. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.