ATLANTA, Oct. 8, 2015 /PRNewswire/ -- In a joint filing
with the Illinois Commerce Commission today, Southern Company
(NYSE: SO) and AGL Resources (NYSE: GAS) requested regulatory
approval of the companies' proposed merger.
AGL Resources is the parent company of Nicor Gas, a regulated
utility providing natural gas services to approximately 2.2 million
customers in northern and central Illinois.
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:
- 11 regulated electric and natural gas distribution companies
providing service to approximately nine 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. 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 AGL Resources shareholders and 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 each of Southern Company's and AGL Resources'
Annual Reports on Form 10-K for the fiscal year ended December 31, 2014 and Item 1.A in each of
Southern Company's and AGL Resources' most recent Quarterly Reports
on Form 10-Q for the quarter ended June 30,
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; AGL Resources