Suzanne Sitherwood

Laclede Gas
4:29 pm
Mon April 7, 2014

Laclede Expands Into Alabama

Credit (Filckr/Timothy Vollmer)

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.

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