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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Southern Co | NYSE:SO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.52 | 0.69% | 75.85 | 75.98 | 74.91 | 75.85 | 4,576,713 | 01:00:00 |
By Chelsey Dulaney
Southern Co. has agreed to buy natural-gas company AGL Resources for about $8 billion, a deal that will create the second-largest utility company in the U.S. by customers.
Under the terms of the deal, AGL Resources shareholders will receive $66 in cash for each share held, a 38% premium to AGL's closing price on Friday of $47.86 a share.
Including debt, the deal is valued at $12 billion. Both companies' boards of directors have approved the deal.
AGL's shares are down 12.2% this year through Friday's close, while Southern's shares are down 6.7%. Shares of AGL were inactive premarket, while Southern edged up 0.7%.
The combined company will have around 9 million customers and operate 11 regulated electric and natural gas distribution companies.
Atlanta-based Southern owns electrical utilities throughout the Southeast and also has competitive generation, fiber optics and wireless communications businesses.
AGL, also based in Atlanta, provides regulated gas distribution and serves retail customers under its SouthStar Energy Services and Pivotal Home Solutions ventures.
"For some time we have expressed our desire to explore opportunities to participate in natural gas infrastructure development," said Southern Chief Executive Thomas Fanning in a news release.
Southern expects the deal to add to its per-share earnings in the first full year after closing, which is expected in the second half of 2016.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 24, 2015 08:13 ET (12:13 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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