Atmos Energy Corp. (ATO) Friday reported inking an agreement with Liberty Energy (Midstates) Corp., a subsidiary of Algonquin Power & Utilities Corp. (AQN.TO), regarding the sale of its natural gas distribution assets located in the Midwestern states of Missouri, Illinois and Iowa for $124 million.
The all-cash transaction is anticipated to complete by fiscal 2012 and will see Atmos concentrate nearly 80 percent of its utility operations in Texas, Louisiana and Mississippi. The 84 thousand meters in the three states represent about 3 percent of Atmos's customer base.
Kim Cocklin, Atmos president and chief executive officer, expressed confidence in Algonquin's ability to "continue our focus on safety, reliability and a strong culture and providing an excellent customer service".
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