Utility holding company Laclede Group Inc will double its customer base with a $1 billion deal with Energy Transfer Equity LP to acquire Southern Union Co's Missouri Gas Energy and New England Gas Co.The gas utilities, which had combined revenue of about $517 million for the year ended Sept. 30, passed into Energy Transfer's hands when it acquired pipeline operator Southern Union last year.The deal, which includes nearly $20 million in debt, will take Laclede Group's customer base to nearly 1.2 million. The utilities serve over 500,000 customers in western Missouri and about 50,000 in Massachusetts.Laclede expects the transaction to be neutral to its earnings per share in the first full year after close, likely in the third quarter of 2013.
Energy Transfer Equity, L.P. (Energy Transfer Equity) is a limited partnership company. Shares of ETE traded higher by 1.32% or $0.6125/share to $47.03. In the past year, the shares have traded as low as $34.00 and as high as $48.20. On average, 704179 shares of ETE exchange hands on a given day and today's volume is recorded at 172316.
The Laclede Group, Inc. (Laclede Group) is a utility holding company. Shares of LG fell by 2.16% or $-0.86/share to $39.00. In the past year, the shares have traded as low as $36.53 and as high as $44.04. On average, 89419 shares of LG exchange hands on a given day and today's volume is recorded at 89253.
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