Southern Company to Acquire AGL Resources for $12 Billion

摘要

Southern Company and AGL Resources announced on Aug. 24 that the boards of directors of both Atlanta-based companies have approved a definitive merger agreement to create one of America's largest U.S. electric and gas utility companies. AGL will become a wholly owned subsidiary of Southern in a transaction valued at $12 billion. "Natural gas will play a greater and greater role in primary energy needs," Southern's Chairman, President and CEO Thomas A. Fanning told investors and analysts on a conference call. "Driving this deal are growth opportunities." AGL distributes natural gas to 4.5 million customers in Georgia, Illinois, Virginia, New Jersey, Florida, Tennessee and Maryland. Southern owns utilities in Georgia, Alabama, Florida and Mississippi and services about 4.4 electric customers. The deal's significance is that it supports Southern's shift away from coal.