Superior Plus Corp. completed its previously announced CA$1.05 billion (US$780 million) acquisition of Certarus Ltd., announced in a May 31 press release.

The transaction is expected to drive double-digit accretion to 2023 adjusted operating cash flow per share, according to the press release, and reaffirms Superior’s 2023 pro forma adjusted EBITDA guidance range of $620 million to $660 million, which includes Certarus’ expected 2023 adjusted EBITDA of $175 million to $185 million.

The cash and stock agreement, revealed in December 2022, includes the acquisition of Certarus’ outstanding common shares totaling CA$853 million and outstanding senior bank credit adding leases totaling CA$196 million.

Certarus shareholders will also receive CA$353 million in cash and CA$500 million in shares valued at $10.25 each.

The low carbon energy business acquisition has immediate and future value, the company said. Certarus’ business is complementary to Superior’s existing propane distribution platform, increasing free cash flow and flexibility on future growth opportunities and entering Superior Plus into the low-carbon energy distribution industry through CNG, RNG and hydrogen.

“Certarus will benefit from Superior’s distribution platform and a shared commitment to safety,” Curtis Philippon, Certarus president, said. “The joining of our businesses creates a strong foundation upon which we can continue to grow and provide our customers more environmentally friendly and cost-effective energy solutions to help meet their decarbonization goals.”