One-Page Deal Sheet
Energen Focuses on Permian With Sale of Gas Utility Biz
The Laclede Group, Inc. Energen Corp.
Announced Date
April 07,2014
Transaction Type
Asset
Location
Country
United States
State
Alabama
Transaction Details: Subscribe to see
Energen Corporation has announced that it has signed a definitive stock purchase agreement to sell its natural gas utility business, Alabama Gas Corporation (Alagasco), to The Laclede Group, Inc.
The value of the transaction is $1.6 billion, subject to customary closing adjustments, and is comprised of $1.28 billion in cash and approximately $320 million of debt. Energen’s after-tax proceeds are estimated to be $1.1 billion, after consideration of accelerated intangible drilling costs.
James McManus, Energen’s chairman and chief executive officer, said: "This transaction allows Energen to…
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