Laclede Group has acquired another natural gas utility, this one outside Missouri.
The company announced Monday it will buy the Alabama Gas Corporation, known as Alagasco, from Energen Corp. for $1.6 billion.
Energen had been seeking a buyer since early this year.
Laclede Group President and CEO Suzanne Sitherwood said the effective cost would drop to $1.34 billion after taking tax benefits of about $260 million dollars into account. The acquisition is also expected to generate net revenues in the first year.