Business
9:54 am
Mon December 17, 2012

Laclede Customer Base To Double Under Southern Union Deal

St. Louis-based Laclede Group Inc. will buy two of Houston-based Southern Union Co.'s utilities, Missouri Gas Energy and New England Gas Co., for $1.02 billion.

Energy Transfer Equity's takeover of pipeline operator Southern Union Co closed early this year.

The deal announced Monday also includes the assumption of about $20 million in debt, so the companies value it at nearly $1.04 billion.

Laclede, a utility holding company, expects the deal to close next summer, and start to boost earnings a year after that.

The utilities had combined revenue of about $517 million in the 12 months ending in September. The deal will double Laclede's customer base to 1.2 million.

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