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.
The St. Louis Board of Aldermen has approved a $7 million package of tax incentives for renovations to the new downtown headquarters of Laclede Gas.
The measure easily cleared the board today by a vote of 23-2. The incentives will help the developer replace windows and heating and cooling systems, and make other upgrades to the General American Building at 706 Market.
Updated at 5:15 p.m. with comments from the committee hearing.
The Housing, Urban Development and Zoning committee of the St. Louis Board of Aldermen has approved $7 million in tax incentives to redo the General American Building at 706 Market as the new headquarters for Laclede Gas.