ATLANTA, Feb. 23, 2016 /PRNewswire/ -- Southern
Company (NYSE: SO) and AGL Resources (NYSE: GAS) today received
unanimous regulatory approval of the companies' proposed merger
from the Virginia State Corporation Commission.
AGL Resources is the parent company of Virginia Natural Gas, a
regulated utility providing natural gas distribution services to
approximately 290,000 customers in southeastern Virginia, including the Hampton Roads region.
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 46,000 megawatts of electricity generating
capacity.
The companies expect to complete the transaction in the second
half of 2016. For more information about the proposed merger, visit
www.doingenergybetter.com.
About Southern Company
With more than
4.5 million customers and approximately 46,000 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 continually ranked among the top
utilities in Fortune's annual World's Most Admired Electric
and Gas Utility rankings. Visit
www.southerncompany.com.
About AGL Resources
AGL Resources (NYSE: GAS)
is an Atlanta-based energy
services holding company with operations in natural gas
distribution, retail operations, wholesale services and midstream
operations. AGL Resources serves approximately 4.5 million utility
customers through its regulated distribution subsidiaries in seven
states. The company also serves over 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 Fortune 500 company and 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 failure to receive,
on a timely basis or otherwise, the required approvals by
government or regulatory agencies (including the terms of such
approvals); the possibility that long-term financing for the
transaction may not be put in place prior to the closing; the risk
that a condition to closing of the merger or the committed
financing 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 Southern Company's Annual Report on Form 10-K for
the fiscal year ended December 31,
2014, Southern Company's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2015
and AGL Resources' Annual Report on Form 10-K for the fiscal year
ended December 31, 2015. 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