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.
Laclede Gas Co. says it has finalized a $975 million deal to buy Missouri Gas Energy.
Laclede announced Tuesday that the purchase has been completed. The deal combines Missouri's two largest natural gas companies under one entity that will serve more than 1.1 million customers across the state.
St. Louis-based Laclede had served about 630,000 customers in St. Louis and 10 eastern Missouri counties. Missouri Gas Energy had served about 500,000 customers in about 30 western and central Missouri counties, including the Kansas City, St. Joseph and Joplin areas.
The Missouri Public Service Commission has given the go-ahead for St. Louis-based Laclede Gas to purchase Missouri Gas Energy.
Commission members placed a major condition on the purchase – Laclede Gas is barred from seeking a rate increase in its current service area until October of 2015. Laclede spokeswoman Jessica Willingham says, though, they would be allowed to seek an increase in the areas currently served by Missouri Gas once the purchase becomes official.