Rubis Energy Bermuda is buying Bermuda Gas in a $17.7 million deal.

Almost a year after Bermuda Gas exited its retail appliances business, the company is set to change hands. There will be no job losses.

Rubis is the island’s leading importer of propane gas. It approached Ascendant Group, the parent company of Bermuda Gas, and expressed an interest in buying its propane distribution and commercial service business.

The companies have since entered into a binding agreement, whereby Bermuda Gas and Utility Company will be sold to Rubis in a deal estimated at about $17.7 million.

Read more: http://www.royalgazette.com/local-business/article/20160413/rubis-to-buy-bermuda-gas-in-177m-deal