Laclede Group acquires Alabama Gas Company - Montgomery Alabama news.

Laclede Group acquires Alabama Gas Company

(Source: Laclede Group, Alagasco) (Source: Laclede Group, Alagasco)

On Tuesday Laclede group announced it has acquired Alabama Gas Company, Alagasco, from Energen Corporation.

According to a press release Laclede group has purchased of 100 percent of the equity of Alagasco which includes the assumption of $250 million of their long-term debt and cash consideration of about $1.35 billion.

"We are excited to complete the acquisition of Alagasco less than five months after announcing and ahead of our September 30th target," said Suzanne Sitherwood, President and CEO of The Laclede Group. "Looking ahead to fiscal 2015, our focus will be to continue delivering on our commitments to grow our earnings and cash flow, and invest back in our new, larger business to ensure the continued excellent service our customers have come to expect."

Laclede now serves more than 1.5 million customers in Missouri and Alabama, making it the largest natural gas service provider in both states. It also ranks as the fifth largest publicly traded gas utility in the country based on number of customers served.

"We welcome Alagasco's employees to the Laclede team. We are pleased to continue the long tradition of outstanding service to customers and the communities across Alabama. Like Alagasco, Laclede has a long history of supporting the civic and charitable activities in the areas we serve. We look forward to continuing to support that tradition of involvement in Alabama," said Sitherwood.

Copyright 2014 WSFA 12 News.  All rights reserved.

SOURCE: Laclede Group


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