KKR & Co Inc. has submitted an unsolicited proposal to acquire UGI Corp for roughly $9 billion, valuing the U.S. natural gas and electricity distributor at $42.50 per share, according to the Wall Street Journal, which cited people familiar with the matter. The offer represents a 21.1% premium to UGI’s Monday closing price of $35.09. UGI shares rose 9.4% to close at $38.39 on Tuesday after the report, although the stock had been up more than 12% in early trading. The Journal said there is no assurance UGI will accept the proposal or that a transaction will be completed. As of Aug. 19, 2026, Benzinga Pro identified UGI as overbought, with a relative strength index reading of 78.7, while York Water Co. was also flagged with an RSI of 71.5. The reported bid comes as private equity interest in utility and energy infrastructure grows alongside electricity demand from data centers and broader grid investment needs.