A pair of Am Law 200 firms have landed lead roles on a $1.6 billion deal announced Monday that finds utility holding company The Laclede Group acquiring Energen Corp.’s Alabama Gas Corp. (Alagasco), the largest natural gas utility in the state.
The sale—for $1.28 billion in cash and the assumption of $320 million in Alasgaco debt—allows Birmingham-based Energen to reduce its short-term debt and sharpen its focus on the oil and gas exploration and production of its holdings in Alabama, Colorado, New Mexico and Texas. Laclede, meanwhile, gets Alasgasco’s 422,000 customers and enhances its geographic profile by expanding into the growing Southeast.
