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News Breaks
April 7, 2014
08:42 EDTGASAGL Resources sells Tropical Shipping business to Saltchuk Resources
AGL Resources announced it has signed a definitive agreement to sell its Tropical Shipping business to a subsidiary of Saltchuk Resources, Inc. of Seattle, WA. After-tax cash proceeds and repatriated cash from the transaction are expected to be approximately $220M, subject to certain defined post-closing adjustments. As a result of the sale, AGL Resources expects to incur income tax expense of approximately $60M related to the repatriation of cash and investments held offshore and capital gains on the purchase price above tax basis. In addition, the company expects to record a $19M impairment loss related to goodwill assigned to Tropical Shipping in conjunction with AGL Resources' merger with Nicor, Inc. in December 2011. This impairment loss represents approximately one-third of the total goodwill assigned to the cargo shipping segment. On a combined basis, these factors are expected to result in reported income tax and impairment expense of approximately 66c per share. Of this amount, 42c is expected to be recorded in Q1, with the remainder expected to be recorded in Q2.
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October 8, 2015
16:32 EDTGASSouthern Co., AGL Resources file request with IL regulators for merger approval
In a joint filing with the Illinois Commerce Commission, Southern Company (SO) and AGL Resources (GAS) requested regulatory approval of the companies' proposed merger. AGL Resources is the parent company of Nicor Gas, a regulated utility providing natural gas services to approximately 2.2M customers in northern and central Illinois. When completed, the combination of Southern Company and AGL Resources is expected to create the second-largest utility company in the U.S. by customer base, bringing together: 11 regulated electric and natural gas distribution companies providing service to approximately nine million customers; Operations of nearly 200,000 miles of electric transmission and distribution lines; More than 80,000 miles of gas pipelines; and Approximately 46,000 megawatts of electricity generating capacity. The companies expect to complete the transaction in the second half of 2016.
October 6, 2015
16:40 EDTGASAGL subsidiary to collect $174M in pipeline replacement settlement
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