Private equity firm KKR has proposed a $9 billion takeover of UGI Corp, a U.S. distributor of natural gas and electricity, according to a report by The Wall Street Journal.
The offer values UGI at $42.50 per share, a 21.1% premium to the company’s closing price on Monday. UGI’s shares surged more than 12% in early trading following the news, while KKR’s stock edged down roughly 1%.
UGI, which serves customers in 29 states, operates as both a natural gas and electricity provider. The deal would expand KKR’s footprint in the U.S. energy sector, a market increasingly shaped by surging electricity demand from AI data centers and other large-scale power users.
Neither KKR nor UGI immediately responded to requests for comment. The Wall Street Journal first reported the bid on Tuesday, with details published on August 18, 2026.









