ATLANTA, May 3, 2016 /PRNewswire/ -- Southern Company
(NYSE: SO) and AGL Resources (NYSE: GAS) have received regulatory
approval of the companies' proposed merger from the Maryland Public
Service Commission, with all intervening parties in support of the
previously announced settlement agreement.
AGL Resources is the parent company of Elkton Gas, a regulated
utility providing natural gas distribution services to customers in
Elkton, Md.
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.
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 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 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 each of Southern Company's and AGL Resources'
Annual Reports 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