Orbital Divests North American Gas Business To Mangan

Orbital Infrastructure Group Inc OIG has entered into an asset purchase agreement with Mangan, Inc, to sell its Houston, Texas gas business, Orbital Gas Systems North America Inc. Financial terms were not disclosed.
Mangan will assume operations of Orbital's North American gas business.
Under the terms of the agreement, OIG will maintain ownership and control of its proprietary VE Technology and related products.
"This transaction is the final step in Orbital Infrastructure Group's transformation into a diversified infrastructure services company as we move forward with an aggressive and disciplined strategy to tap into the increasing secular demand trends across the electric power, telecommunications, and renewable industries," said Jim O'Neil, Vice Chairman and CEO of Orbital.
OIG held cash and equivalents of $32.2 million as of Jun 30, 2022.
Price Action: OIG shares are trading lower by 3.48% at $1.11 on the last check Tuesday.