ATLANTA, May 5, 2016 /PRNewswire/ -- Southern Company
(NYSE: SO) and AGL Resources (NYSE: GAS) today announced that an
agreement has been reached that settles all contested issues in the
New Jersey merger proceeding.
The merger is still subject to final approval by the
New Jersey Board of Public
Utilities (BPU). Consequently, the only remaining regulatory
approvals required to close the merger are the BPU's and Illinois
Commerce Commission's approvals of the comprehensive settlements
reached in those jurisdictions. The companies also confirmed
that the merger remains on track for closing in the second half of
2016.
AGL Resources is the parent company of Elizabethtown Gas, a
regulated utility providing natural gas distribution services to
customers in New Jersey.
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.
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