Major Gas Utility Changes Ownership
A major gas utility in Alabama is changing ownership. According to a press release by the Laclede Group, the eastern Missouri company bought Alabama Gas Corporation for a deal valued at $1.6 billion in cash. At a press conference held this morning, Laclede officers discussed their connection to Alabama's natural gas utility giant.The company's takeover of Energen's natural gas utility will make Laclede the biggest owner of natural gas in the state and it is the largest transaction in Laclede's 157 year history. And, according to company officials, the acquisition is exactly what their company needs. The companies expect the deal to close by the end of the year, pending federal and state regulatory approval.