transaction

Energen to Sell Its Natural Gas Utility to The Laclede Group

Energen signed a definitive stock purchase agreement to sell its natural gas utility business, Alabama Gas Corporation (Alagasco), to The Laclede Group. The value of the transaction is $1.6 billion, subject to customary closing adjustments, and is comprised of $1.28 billion in cash and approximately $320 million of debt. Energen's after-tax proceeds are estimated to be $1.1 billion, after consideration of accelerated intangible drilling costs.

Federal Energy Regulatory Commission Approves Acquisition of UNS Energy by Fortis

The Federal Energy Regulatory Commission (FERC) approved the acquisition of UNS Energy by Fortis, finding the transaction is consistent with the public interest. The ruling is the next step toward finalizing the transaction. UNS Energy shareholders approved the acquisition on March 26, 2014.

SunEdison, Nationwide Mutual, Sol Systems and National Bank of Arizona Announce Financing for 13.4 MW Solar Electricity Portfolio

SunEdison, along with Nationwide Mutual Insurance Company, National Bank of Arizona (NBAZ), and Sol Systems announced a $50 million fund to build a 13.4 MW solar portfolio for the State of California prison and hospital systems. Sol Systems advised Nationwide Mutual Insurance on the acquisition of the equity in the transaction. SunEdison secured long-term debt for the projects from the National Bank of Arizona (NBAZ).

UNS Energy Agrees to Be Acquired by Fortis Utility Group

UNS Energy approved a definitive merger agreement with Fortis, Canada’s largest investor-owned gas and electric distribution utility, that calls for Fortis to acquire all of the outstanding common stock of UNS Energy for $60.25 per share in cash. The $4.3 billion transaction, which includes the assumption of approximately $1.8 billion in debt, would provide additional capital and new resources for UNS Energy’s subsidiaries, including Tucson Electric Power (TEP) and UniSource Energy Services (UES).