Laclede Group to acquire Alagasco for $1.6 billion

Laclede Group Inc., St. Louis, has entered into an agreement with Energen Corp. to acquire subsidiary Alabama Gas Corp. (Alagasco) for $1.6 billion, with an effective purchase price of $1.34 billion.

Alagasco is the largest natural gas utility in Alabama, serving more than 422,000 customers. The transaction is expected to close this year, increasing Laclede’s customer base to 1.55 million from 1.13 million.

Laclede said that it made the acquisition in accordance with its regulated growth strategy, including its desire to expand outside of Missouri.

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