Transaction Overview Southern Company to acquire AGL Resources for 66 per share in cash A premium of 36.3% to AGL Resources shareholders based on the August 21, 2015 20-day volume-weighted average price AGL Resources to become the…
Transaction Overview Major Approvals AGL Resources shareholder approval required Hart-Scott-Rodino Key state approvals required Georgia Public Service Commission Illinois Commerce Commission New Jersey Board of Public Utilities…
Strategic Rationale Advances customer-focused business model Doing Energy Better Strengthens our mostly-regulated earnings profile Make Energy Better A broader platform for long-term Move Energy Better success as end-use energy…
AGL Resources Overview 70% of earnings from regulated operations, growing to 80% Largest gas-only LDC, serving approximately 4.5 million customers in 7 states Retail marketer of natural gas and related services for over 1…
AGL Resources Value Drivers 95% of projected capital investments are for regulated utilities and pipelines Minimal regulatory lag for LDC investments Long-term contracts for pipeline investments Constructive regulatory…
Combined Profile Retail Regulated Rate Base Over 1,500 bcf per year 50B 44B 43B (2014 company filings) of combined natural gas 32B 28B 27B consumption and 22B 17B 7B 7B throughput volume 5B 5B Over 50B of projected SO SO…
Combined Outlook Accretive to on-going EPS in the first full year Expected long-term EPS growth of 4% to 5% Supports a strong credit profile and preserves the ability to invest in additional value-accretive projects Opportunity to…
Summary Two leading corporate citizens combining to better serve customers, communities and shareholders Creates an expanded platform that will allow us to succeed well into the future Positions combined company to capture growth…
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