The Laclede Group Inc. (LG), Energy Transfer Equity L.P. (ETE) and Energy Transfer Partners L.P. (ETP) announced that two newly formed subsidiaries of Laclede have entered into definitive purchase and sale agreements with Southern Union Company, an affiliate of Energy Transfer Equity and Energy Transfer Partners. Laclede will acquire the assets of Southern Union's Missouri Gas Energy and New England Gas Company divisions. The value of the transaction is $1.035 billion, comprised of $1.015 billion in cash and nearly $20 million of assumed New England Gas Company debt.
Laclede expects the transaction to be neutral to its earnings per share in the first full year after close and accretive thereafter. The transaction is expected to close before the end of the third quarter of calendar 2013.
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