Boise-MDU Resources Group Inc., a Bismarck, N.D.-based energy, mining, and construction company, will acquire Intermountain Gas Co. – an Idaho-based pipeline utility that has provided natural gas to the J.R. Simplot Co. and Agrium phosphate fertilizer plants in Southeast Idaho – in a cash-for-stock transaction worth $328 million, including debt, pending regulatory approval by the fourth quarter. MDU announced the purchase July 1. Founded in 1955, Intermountain Gas supplies natural gas to about 300,000 Idaho customers in 74 communities and employs about 330 people. MDU is the parent company of Montana-Dakota Utilities, Great Plains Natural Gas Co., and Cascade Natural Gas Corp. MDU said after the deal with Intermountain Gas closes, it will have a customer base of 930,000 in eight states. MDU has operations in 45 states and Brazil, and about 14,500 employees. The company reported a record profit of $431 million in 2007 and an increase in its dividends for the 17th consecutive year. MDU’s electric and natural gas distribution group posted $31.7 million in earnings last year, up from $20.1 million in 2006.
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