SouthernCo. has secured Maryland Public Service Commission approval toacquire in a dealvalued at $11.53billion, according to a May 3 news release.
The companies had reached a settlement with the MarylandPublic Service Commission staff and the Office of People's Counsel in February thatprovided customer rate credits over a two-year period, among other things.Southern Co. will pay $66 per share in cash to acquire each AGL share and willassume $3.59 billion in net debt of the company.
The acquisition would create the second-largest utility inthe U.S., comprising 11 regulated electric and natural gas distributioncompanies and 44,000 MW of generating capacity. The acquisition is targeted forcompletion in the latter half of 2016.