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Stock Market & Financial Investment News

News Breaks
February 11, 2013
18:24 EDTLG, SUGLaclede Group announces sale of New England Gas Co to Algonquin Power
The Laclede Group (LG) announced that Laclede has entered into an agreement with Algonquin Power & Utilities Corp that will allow an APUC subsidiary to assume Laclede's rights to purchase the assets of New England Gas Company, an operating division of Southern Union (SUG). APUC's acquisition of NEG is subject to approval from the Massachusetts Department of Public Utilities. Laclede and Southern Union filed for regulatory approval with the department on January 24. The Laclede subsidiary will remain obligated to acquire NEG pursuant to the terms of the initial agreement with Southern Union in the event that APUC is not able to satisfy all conditions to closing on or before October 14. The companies expect to close both of these transactions before the end of Q3. The transactions do not impact Laclede's acquisition of Southern Union's Missouri Gas Energy division, announced in December 2012.
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April 8, 2014
10:03 EDTLGOn The Fly: Analyst Upgrade Summary
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07:03 EDTLGLaclede upgraded to Buy from Hold at Stifel
Stifel upgraded Laclede to Buy from Hold citing the acquisition of Alabama Gas for $1.34B. The firm views the transaction as accretive to shareholders in FY15 and adds geographic and regulatory diversity. Price target is $50.
April 7, 2014
07:58 EDTLGLaclede to hold a conference call
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07:30 EDTLGEnergen to host a conference call
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07:03 EDTLGLaclede to purchase Alabama Gas Corporation for $1.6B
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07:03 EDTLGEnergen to sell natural gas utility to Laclede Group for $1.6B
Energen Corporation (EGN) announced that it has signed a definitive stock purchase agreement to sell its natural gas utility business, Alabama Gas Corporation, to The Laclede Group (LG). The value of the transaction is $1.6B, subject to customary closing adjustments, and is comprised of $1.28B in cash and approximately $320M of debt. Energenís after-tax proceeds are estimated to be $1.1B, after consideration of accelerated intangible drilling costs. Energen plans to use cash proceeds from the transaction to immediately reduce short-term indebtedness, thereby enhancing its financial capacity to potentially accelerate the pace of drilling and development of its Permian Basin assets in 2015 and beyond.

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