Laclede Group Buys Missouri, New England Assets for $1.035 Billion

Laclede Group, Inc. (NYSE: LG) announced that it has purchased assets from Southern Union’s Missouri Gas Energy and New England Gas Company for $1.035 billion.

As quoted in the press release:

The Utilities had combined revenues of approximately $517 million for the twelve months ended September 30, 2012, Laclede’s fiscal year end, and serve over 500,000 customers in western Missouri and over 50,000 in Massachusetts.  Laclede expects the transaction to be neutral to its earnings per share in the first full year after close and accretive thereafter.  This transaction is expected to close before the end of the third quarter of calendar 2013.

Laclede’s President and CEO, Suzanne Sitherwood, said:

MGE and NEG will effectively double our size by increasing our utility customer base from approximately 630,000 to nearly 1.2 million in an industry and a state in which we have over 150 years’ experience.

To view the whole press release, click here.