Thank you. Good morning, everyone. I'm Luc Desjardins, President and CEO, and would like to welcome you to Superior Plus conference call and webcast to discuss the company's transformative acquisition of Certarus Ltd., which I will refer to as Certarus. Please note that there is an investor presentation discussing the acquisition available on our website that I will be referencing throughout this conference call. I would also like to point out that there will not be any Q&A session at the end of this call. Please note that on today's call, we may make forward-looking statements. These statements are subject to risk, both known and unknown. Future results may differ materially. For more information, please review the forward-looking information section of the press release that was distributed today. Turning to slide four.
I'm thrilled to announce that Superior has entered into an agreement to acquire Certarus for a total consideration of approximately CAD 1,050,000,000 . This transformative acquisition is very compelling for Superior on many fronts. It provides Superior with a growing lower carbon fuel platform via additional CNG, RNG, and hydrogen. It is a double-digit accretive to distributable cash flow per share, while accelerating Superior organic growth profile. It accelerates our Superior Way Forward target as we now expect to achieve the EBITDA from Operations target range of CAD 700 million-CAD 750 million by year-end 2024, a full two years ahead of plan.
Combined with the sale of our unsecured promissory note, we expect to be approximately 3.8x levered upon the closing of this transaction. This puts us within our target range, providing substantially liquidity and flexibility to continue to grow our business. Superior and Certarus have an identical focus on safety, customer service, and reliability of supply for its customers that will continue to serve us well and growing our collective customer relationship across North America. I will now turn it over to Curtis Philippon, the President and Chief Executive Officer of Certarus, to walk through the Certarus story.
Thanks, Luc. On behalf of Certarus, we are excited to be joining the Superior team. Teaming up with Superior will help us grow as part of a larger organization with a shared commitment to safety, continuous improvement, and decarbonization. Turning to slide five. Certarus is among the leading low-carbon fuel distributors in North America. Our success is driven by the strong demand for low-carbon fuels, combined with the fact that pipeline infrastructure to deliver this gas is insufficient and increasingly difficult to build. Our virtual pipeline bridges that infrastructure gap. Utilizing our mobile storage units, or MSUs, as we call them, we're able to deliver low cost and low carbon intensity energy alternatives to our customers. Our MSUs can deliver compressed natural gas, renewable natural gas, and hydrogen, giving Certarus the flexibility to service its broad and diverse customer base across North America.
The strong demand from our value proposition of providing lower cost fuel and lower carbon intensity alternatives has helped drive our strong financial performance as we've grown our Adjusted EBITDA over 100% from 2020 to expected 2022 results. Similar to Superior's propane distribution business, the commodity costs of CNG, RNG, and hydrogen are passed on to our customers. Slide six provides a deeper dive into our main asset base and distribution infrastructure, which is primarily driven by our 640 mobile storage units. Our mobile asset base effectively provides a virtual pipeline to a broad range of end-use customers that generally either do not have direct access to pipeline infrastructure to supply their significant energy requirements or to large-scale utilities to supplement strained and insufficient infrastructure to ensure their customers have adequate supply to power their homes and businesses.
We're seeing strong momentum in the utility support area as infrastructure becomes more strained. For example, this past week we were proud to achieve a record CNG sales volume day, reaching approximately 90,000 MCF for the day. As utility support volumes grew with the addition of new and expanded contracts in this area, we added key long-term contracts in the U.S. Northeast on the back of work we have done over the years with multiple gas utilities across North America.
In renewable natural gas, we're helping enable the development of projects by partnering with some of the largest companies in the sector, using our platform to get renewable natural gas from remote production sites to market. In hydrogen, we've been involved in over 20 unique projects this year, leveraging our core competency of safely delivering low-carbon energy to our customers. Certarus sees a long runway of opportunities to continue to deploy capital and grow our platform while earning strong returns on invested capital. I'll now turn it back over to you, Luc.
Thank you, Curtis. Certarus is truly an exciting business that will fit well with Superior. Turning to slide number seven. Certarus will help position Superior for a lower carbon future. Certarus has 18 hubs across Canada and U.S., providing Superior with an expanded presence in the U.S., primarily in the Central and South U.S. Certarus generates approximately 85% of its revenue today in the U.S.A. This acquisition is expected to further deepen Superior's presence in the U.S. Certarus customer value proposition of helping customer transition from high cost and higher carbon intensity diesel to reduce cost and support their ESG initiatives to a lower carbon intensity alternative. It complements our propane distribution business and provides us with a high organic growth segment. As you can see on slide number eight, the Superior and Certarus business model are highly complementary.
Both Superior and Certarus use bulk fuel source to obtain their low carbon fuel and then load the fuel at a distribution hub. Once loaded, the fuel is delivered, what we call the last mile, to both small, large and mid-size customer via trucks, rail, MSU. The addition of CNG, RNG and hydrogen distribution is highly complementary to Superior existing extensive propane distribution platform, providing an enhanced and in-demand product offering to Superior current customers and to an expanding potential new customer base. We're very excited about the complementary fit of these two businesses and joy in terms of business model, geography, and customer base mapping, which will help us strengthen our relationship with existing customer while expanding our product offering for others.
As we move to page nine, we initially presented our Superior Way Forward in May 2021, where our goal was to achieve CAD 700 million-CAD 750 million of EBITDA from Operations by 2026. With our execution of Superior Way Forward strategic initiative in the past 24 months and the acquisition of Certarus, we are ahead of our timing as we now expect to reach the lower end of our target by 2024. We have now completed and announced approximately CAD 1.9 billion in acquisition over the last 24 months.
With the acquisition of Certarus, Superior now has the flexibility to either organically via the large and growing addressable market for lower carbon intensity fuel or through its strong track record of accretive acquisition. In 2023, we anticipate fewer propane acquisition with a focus on capital spending to support organic growth via Certarus and debt reduction. We'll now turn it over to Beth Summers, our Executive Vice President and Chief Financial Officer, to discuss the transaction terms and financing structure.
Thank you, Luc. Turning to slide 10, I'll provide an overview of the key transaction terms. The total consideration for the acquisition of Certarus is approximately CAD 1.05 billion, which represents an 8.5x estimated 2022 adjusted EBITDA multiple. The transaction funding is secured through committed long-term credit facilities and the issuance of common shares to Certarus shareholders, providing increased liquidity for continued growth as a combined company. The total consideration of CAD 1.05 billion includes approximately CAD 500 million of share consideration, the issuance of Superior common shares to Certarus shareholders and cash consideration of CAD 353 million, and the assumption of Certarus' outstanding senior bank credit indebtedness and leases, which total approximately CAD 196 million. The transaction is financially compelling as it's expected to be double digit accretive to Superior's DCF per share in 2023.
Additionally, the diversity of Certarus business and limited seasonality will help to reduce the seasonal fluctuations in Superior's current business. The acquisition was unanimously approved by the board of directors of both Superior and Certarus. We expect the acquisition to close in early 2023 subject to customary closing conditions and receipt of required Certarus shareholder, regulatory, court, and stock exchange approvals. On slide 11, we expect to be at approximately 3.8 x of leverage at time of close. To help fund the acquisition, we secured a new CAD 550 million, three-year revolving senior credit facility, which combined with our existing CAD 750 million revolver, provides us with CAD 1.3 billion of senior credit facilities and ample liquidity to execute on our growth agenda over the coming years.
We expect to fund our future organic growth and growth through propane tuck-in acquisitions through our significant free cash flow and incremental debt. The free cash flow will also fund our dividend, pro forma the acquisition, we expect to be within our payout ratio range of 40%-60% immediately. We're also changing the frequency of our dividend payment from monthly to quarterly, beginning with the payment of the dividend payment for the shareholders of record in the second quarter of 2023. I'll now turn the call back to Luc for closing remarks.
Thank you, Beth. I, as I mentioned earlier, it's an exciting time for Superior Plus with this acquisition. We have achieved our Superior Way Forward acquisition target well ahead 2026 plan. We also expect to achieve our CAD 700 million-CAD 750 million EBITDA from Operations target two years ahead of plan in 2024. We will focus on servicing and growing demand for CNG, RNG and hydrogen, as well as growing our stable and strong cash flow propane distribution business. Thank you everyone for your time and consideration. I hope everyone has a happy holiday.