Hawaii’s only regulated gas utility is headed for new ownership.

The owner of Hawaii Gas announced Monday that it intends to sell the business to a private equity firm, giving the utility established in 1904 its fourth owner over the past two decades.

New York-based Macquarie Infrastructure Corp. said it plans to sell Hawaii Gas to another New York firm, Argo Infrastructure Partners LP.

Macquarie said the value of the deal, including about $200 million in debt being assumed, is $514 million.

A sale is subject to approval by the Hawaii Public Utilities Commission and is expected in the first half of 2022 if approval is provided.

Macquarie said a sale is not expected to result in any major changes to Hawaii Gas, including its management team, Hawaii-based board, employee count, union relationship and headquarters location.

“We believe that the change of ownership will be seamless for our commercial and residential customers, since neither our regulated rates nor daily operations will be affected,” Alicia Moy, president and CEO of Hawaii Gas, said in a statement.

Hawaii Gas at the end of last year had 345 employees and earned $12 million on $180 million in revenue. In 2019 Hawaii Gas earned $13 million on $243 million in revenue.

The sale includes the utility, which maintains about 1,100 miles of underground piping, as well as propane distribution operations and the Waihonu Solar Farm in Mililani.

Argo said in a statement that it will appoint a Hawaii resident to its board and that the company seeks to invest in well-managed utilities progressing toward a sustainable future.

Argo said it manages more than $5 billion of capital for investor partners and that its managed assets include four power plants, three utilities serving over 600,000 customers and one energy storage network.

Macquarie, which has public stockholders and is managed by an affiliate of Australian-based The Macquarie Group, acquired what was then known as The Gas Co. for $238 million in 2005 from an affiliate of Singaporean-based Keppel Corp. The Keppel affiliate bought the utility for $115 million in 2003 from Connecticut-­based Citizens Communications Co.