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Southern Company-AGL Resources Deal OK'd in New Jersey
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Leading energy utility firm Southern Company (SO - Free Report) and Atlanta, GA-based energy services holding company, AGL Resources Inc. jointly announced that they have received the final approval from the regulators of New Jersey for their $12 billion proposed merger.
The transaction – likely to be completed on or around Jul 1 – will make Southern Company the second-largest U.S. utility in terms of customer base. The merger will combine 11 regulated electric and natural gas distributions. The integrated entity will serve about nine million customers and is expected to have an electricity generating capacity of about 44,000 MWs. Once merged, the companies would operate close to 200,000 miles of electric transmission and distribution lines and would also integrate more than 80,000 miles of gas pipelines.
In Aug 2015, Southern Company entered into an agreement to acquire AGL Resources. Per the original terms of the deal, the stockholders of AGL Resources will receive $66 per share. The company would become the third-largest operating subsidiary of Southern Company. Post acquisition, AGL Resources will continue working with its own management team.
Headquartered in Atlanta, GA, Southern Company is one of the largest generators of electricity in the nation, serving both regulated and competitive markets across the southeastern U.S. On the other hand, AGL Resources, which was founded in 1856, focuses on gas distribution as its principal business.
Currently, Southern Company carries a Zacks Rank #3 (Hold), implying that the stock will perform in line with the broader U.S. equity market over the next one to three months. However, AGL Resources holds a Zacks Rank #2 (Buy), implying that the stock will outperform the broader U.S. equity market over the next one to three months.
Some better-ranked players in the utility-electric power sector include Black Hills Corporation (BKH - Free Report) and Korea Electric Power Corp. (KEP - Free Report) , both sporting a Zacks Rank #1 (Strong Buy).
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Southern Company-AGL Resources Deal OK'd in New Jersey
Leading energy utility firm Southern Company (SO - Free Report) and Atlanta, GA-based energy services holding company, AGL Resources Inc. jointly announced that they have received the final approval from the regulators of New Jersey for their $12 billion proposed merger.
The transaction – likely to be completed on or around Jul 1 – will make Southern Company the second-largest U.S. utility in terms of customer base. The merger will combine 11 regulated electric and natural gas distributions. The integrated entity will serve about nine million customers and is expected to have an electricity generating capacity of about 44,000 MWs. Once merged, the companies would operate close to 200,000 miles of electric transmission and distribution lines and would also integrate more than 80,000 miles of gas pipelines.
In Aug 2015, Southern Company entered into an agreement to acquire AGL Resources. Per the original terms of the deal, the stockholders of AGL Resources will receive $66 per share. The company would become the third-largest operating subsidiary of Southern Company. Post acquisition, AGL Resources will continue working with its own management team.
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Headquartered in Atlanta, GA, Southern Company is one of the largest generators of electricity in the nation, serving both regulated and competitive markets across the southeastern U.S. On the other hand, AGL Resources, which was founded in 1856, focuses on gas distribution as its principal business.
Currently, Southern Company carries a Zacks Rank #3 (Hold), implying that the stock will perform in line with the broader U.S. equity market over the next one to three months. However, AGL Resources holds a Zacks Rank #2 (Buy), implying that the stock will outperform the broader U.S. equity market over the next one to three months.
Some better-ranked players in the utility-electric power sector include Black Hills Corporation (BKH - Free Report) and Korea Electric Power Corp. (KEP - Free Report) , both sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>