ATLANTA, June 29, 2016 /PRNewswire/ -- Southern
Company (NYSE: SO) and AGL Resources (NYSE: GAS) have received
unanimous regulatory approval of the companies' proposed merger
from the New Jersey Board of
Public Utilities (BPU), which settles all issues in the
proceeding.
AGL Resources is the parent company of Elizabethtown Gas, a
regulated utility providing natural gas distribution services to
customers in New Jersey.
The BPU's decision represents the final regulatory approval
needed to close the previously announced merger, which was
unanimously approved by state regulators in each of the six
required jurisdictions in just 10 months. Subject to the
satisfaction of other customary closing conditions, Southern
Company and AGL Resources intend to close the transaction on or
around July 1.
When completed, the combination of Southern Company and AGL
Resources is expected to create the second-largest utility company
in the U.S. by customer base, bringing together:
- Eleven regulated electric and natural gas distribution
companies providing service to approximately 9 million
customers;
- Operations of nearly 200,000 miles of electric transmission and
distribution lines;
- More than 80,000 miles of gas pipelines; and
- Approximately 44,000 megawatts of electricity generating
capacity.
For more information about the proposed merger, visit
www.doingenergybetter.com.
About Southern Company
With more than 4.5 million
customers and approximately 44,000 megawatts of generating
capacity, Atlanta-based Southern
Company (NYSE: SO) is the premier energy company serving the
Southeast through its subsidiaries. A leading U.S. producer of
clean, safe, reliable and affordable electricity, Southern Company
owns electric utilities in four states and a growing competitive
generation company, as well as fiber optics and wireless
communications. Southern Company brands are known for excellent
customer service, high reliability and affordable prices that are
below the national average. Through an industry-leading commitment
to innovation, Southern Company and its subsidiaries are inventing
America's energy future by developing the full portfolio of energy
resources, including nuclear, 21st century coal, natural gas,
renewables and energy efficiency, and creating new products and
services for the benefit of customers. Southern Company has been
named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer,
listed by Black Enterprise magazine as one of the 40 Best Companies
for Diversity and designated a 2014 Top Employer for Hispanics by
Hispanic Network. The company earned the 2014 National Award of
Nuclear Science and History from the National Atomic Museum
Foundation for its leadership and commitment to nuclear
development, and is consistently ranked among the top utilities in
Fortune's annual World's Most Admired Electric and Gas Utility
rankings. Visit our website at www.southerncompany.com.
About AGL Resources
AGL Resources (NYSE: GAS) is an
Atlanta-based energy services
holding company which owns and operates natural gas utilities, as
well as retail energy and services, wholesale services and
midstream businesses. AGL Resources serves approximately 4.5
million utility customers through its regulated distribution
subsidiaries in seven states. The company also serves more than one
million retail customers through its SouthStar Energy Services
joint venture and Pivotal Home Solutions, which market natural gas
and related home services. Other non-utility businesses include
asset management for natural gas wholesale customers through
Sequent Energy Management and ownership and operation of natural
gas storage facilities. AGL Resources is a member of the S&P
500 Index. For more information, visit www.aglresources.com.
Cautionary Statements Regarding Forward-Looking
Information
This release contains forward-looking
statements which are made pursuant to safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements, among other things,
concerning the expected timing of the completion of the proposed
merger and the expected benefits thereof. These forward-looking
statements are often characterized by the use of words such as
"expect," "anticipate," "plan," "believe," "may," "should," "will,"
"could," "continue" and the negative or plural of these words and
other comparable terminology. Although Southern Company and AGL
Resources believe that the expectations reflected in such
forward-looking statements are reasonable, such statements involve
risks and uncertainties and undue reliance should not be placed on
such statements. Certain material factors or assumptions are
applied in making forward-looking statements, including, but not
limited to, factors and assumptions regarding the items outlined
above. Actual results may differ materially from those expressed or
implied in such statements. Important factors that could cause
actual results to differ materially from these expectations
include, among other things, the following: the risk that a
condition to closing of the merger may not be satisfied; the
possibility that the anticipated benefits from the transaction
cannot be fully realized or may take longer to realize than
expected; the possibility that costs related to the integration of
Southern Company and AGL Resources will be greater than expected;
the credit ratings of the combined company or its subsidiaries may
be different from what the parties expect; the ability to retain
and hire key personnel and maintain relationships with customers,
suppliers or other business partners; the diversion of management
time on transaction-related issues; the impact of legislative,
regulatory and competitive changes; and other risk factors relating
to the energy industry, as detailed from time to time in each of
Southern Company's and AGL Resources' reports filed with the
Securities and Exchange Commission. There can be no assurance that
the transaction will in fact be consummated.
Additional information about these factors and about the
material factors or assumptions underlying such forward-looking
statements may be found in the body of this release, as well as
under Item 1.A in each of Southern Company's and AGL Resources'
Annual Reports on Form 10-K for the fiscal year ended December
31, 2015 and subsequent filings. Southern Company and AGL Resources
caution that the foregoing list of important factors that may
affect future results is not exhaustive. When relying on
forward-looking statements to make decisions with respect to
Southern Company and AGL Resources, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. All subsequent written and oral
forward-looking statements concerning the transaction or other
matters attributable to Southern Company or AGL Resources or any
other person acting on their behalf are expressly qualified in
their entirety by the cautionary statements referenced above. The
forward-looking statements contained herein speak only as of the
date of this release. Neither Southern Company nor AGL Resources
undertakes any obligation to update or revise any forward-looking
statement, except as may be required by law.
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SOURCE Southern Company