Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/energen-to-sell-its-natural-gas-utility-to-st-loui.shtmlEnergen to sell its natural gas utility to St. Louis-based the Laclede Group
Energen Corporation has signed a definitive stock purchase agreement to sell its natural gas utility
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Energen Corporation has signed a definitive stock purchase agreement to sell its natural gas utility business, Alabama Gas Corporation (Alagasco), to The Laclede Group, Inc.
The value of the transaction is $1.6 billion, subject to customary closing adjustments, and is comprised of $1.28 billion in cash and approximately $320 million of debt. Energen's after-tax proceeds are estimated to be $1.1 billion, after consideration of accelerated intangible drilling costs.
