Home

Top Jobs
CEM for audit in Milton ontario
Energy Office Manager
Energy Program Manager
Project Manager
Energy Manager
Energy Conservation Specialist I
Energy Analyst/Engineer
Business Development Manager
Senior Energy Engineer
Energy Manager - Greater Chicago Area
Submit a Position
Find a Position

Upcoming Events
5th International Conference Drivetrain Concepts for Wind Turbines
Swissotel Bremen, Hillmannplatz 20, Bremen, 28195,
10/27/14 - 10/29/14
Oil & Gas Mobility Calgary
Calgary TELUS Convention Centre, 120 9th Avenue SE, Calgary, T2G 0P3, Canada,
10/27/14 - 10/29/14
Shale Gas Environmental Summit 2014
Holiday Inn Regents Park, Carburton Street, London, W1W 5EE, United Kingdom.,
10/27/14 - 10/28/14
CIS Oil and Gas Transportation
Italy, Rome,
10/28/14 - 10/30/14
12th Annual FLNG Asia Pacific Summit
Renaissance Seoul Hotel, 237 Teheran-ro, Gangnam-gu, Seoul, 135-979, South Korea,
10/28/14 - 10/29/14
Submit an Event
View All Events


Sain Featured Employer

AGL Resources Acquires NiSource's Retail Services Business

 

Follow energycareer on Twitter

Sign Up to Receive the Energy, Power, Facilities (EFPN) e-Newsletter

Submit Email
 
To Receive FREE EFPN 

 

AGL Resources Inc. (GAS) announced that it has acquired certain assets from NiSource Inc.`s (NI) retail services business, which provides warranty protection solutions and energy efficiency leasing solutions for residential and small business utility customers.

AGL Resources` acquisition of these assets, including approximately 500,000 existing customer plans, will expand its footprint to offer products such as appliance repair and line protection plans to customers in Indiana, Massachusetts, Ohio, Pennsylvania, and Kentucky.

"This acquisition almost doubles the size of our retail services business and strengthens our competitive position in this space," said John W. Somerhalder II, chairman, president and chief executive officer of AGL Resources. "Our solid track record in the retail services business, as well as our utility expertise, will allow for a successful integration of these business units," he continued.

"This transaction further enhances NiSource`s strategic focus on core regulated utility and pipeline operations and provides customers with the industry-leading retail services offered by AGL Resources," NiSource president and chief executive officer Robert C. Skaggs Jr. said. "It also aligns with NiSource`s commitment to build shareholder value, as we intend to use the proceeds to support strategic infrastructure investment opportunities benefitting our communities, customers and other key stakeholders."

NiSource`s retail services businesses acquired by AGL Resources include: Service programs in Indiana under the ESP brand; Service programs under the Columbia Retail Services and Service Protection Group brands in Ohio, Pennsylvania and Kentucky; and Service and appliance leasing programs in Massachusetts under the Guardian Care brand.

These brands will join AGL Resources` retail services companies that, together with the company`s retail energy brands, comprise its Retail Operations segment. AGL Resources` Retail Operations segment will now market natural gas and related home services in more than 10 states. "We are committed to providing a seamless transition for customers previously served by NiSource`s retail services business and look forward to continuing to offer these customers innovative and value-driven products," said Robin Boren, president, Retail Services, AGL Resources.

AGL Resources expects the transaction to be accretive to 2013 diluted earnings per share. Proceeds from the sale of $120 million, plus working capital and less customary transaction and closing costs, will be used to support NiSource`s core infrastructure investment business strategy.

Evercore Partners acted as the exclusive financial advisor to NiSource on this transaction.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, plans, belief or current expectations of NiSource, AGL Resources and their respective management. Although NiSource and AGL Resources believe that their expectations are based on reasonable assumptions, they can give no assurance that their goals will be achieved. Readers are cautioned that the forward-looking statements in this release are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements and that past performance may not be indicative of future performance. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the matters set forth in the "Risk Factors" Section and the narrative regarding forward-looking statements in NiSource`s and AGL Resources` respective Forms 10-K and subsequent filings on Forms 10-Q, many of which are risks beyond the control of NiSource and AGL Resources. Forward-looking statements contained in this press release include, without limitation, the quotes from John W. Somerhalder II, Robert C. Skaggs Jr. and Robin Boren, statements regarding the ability of AGL Resources to successfully integrate and grow the acquired assets and how such assets will affect its 2013 diluted earnings per share and NiSource`s use of the proceeds. Forward-looking statements are only as of the date they are made, and NiSource and AGL Resources do not undertake to update these statements to reflect subsequent changes.

Return Home

 

Follow energycareer on Twitter

Sign Up to Receive the Energy, Power, Facilities (EFPN) e-Newsletter

Submit Email
 
To Receive FREE EFPN