The state Board of Public Utilities on Wednesday approved the proposed acquisition of South Jersey Industries, the parent company of South Jersey Gas, by the Infrastructure Investments Fund.

Officials with the Folsom-based company described the New York-based investment fund as a private investment vehicle focused on critical infrastructure assets.

Last February, South Jersey Industries announced an $8.1 billion agreement, with the investment fund set to pay $36 a share. Read more from The Press of Atlantic City.