Algonquin Power & Utilities Corp. announces closing of Georgia Natural Gas
OAKVILLE, ON, April 1, 2013
OAKVILLE, ON, April 1, 2013 /PRNewswire/ - Algonquin Power & Utilities Corp.
("APUC") (TSX: AQN) announced today that a subsidiary of APUC has closed the
acquisition of assets of the regulated natural gas distribution utility
serving Columbus and Gainesville, Georgia from Atmos Energy Corporation. The
acquisition was originally announced in August 2012 and final regulatory
approvals were received in February 2013.
Consideration for the utility asset purchase was approximately U.S. $140.7
million representing a multiple of net regulatory assets of 1.1x, plus working
capital and closing adjustments.
Funding of the acquisition is within APUC's targeted 50% equity, 50% debt
consolidated capital structure. A portion of the equity was funded through
proceeds of $29.3 million from a previously announced private placement of
3.96 million shares issued to Emera Incorporated which closed on March 26,
The regulated natural gas distribution utilities provide natural gas service
to approximately 64,000 customers in Georgia.
"Consistent with our objective of growing to more than one million customers
in the US regulated utility sector by 2017, we are very pleased to have
successfully closed the acquisition of this natural gas distribution utility
in Georgia", commented Ian Robertson, Chief Executive Officer of APUC. "We are
excited at expanding our utility footprint to the State of Georgia which we
view as a supportive regulatory environment and one where we will continue to
seek further opportunities for growth."
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. owns and operates a diversified$3.0
billionportfolio of regulated and non-regulated utilities inNorth America.
The company's regulated utility business is committed to provide water,
electricity and natural gas utility services to over 465,000 customers through
a nationwide portfolio of regulated generation, transmission and distribution
utility systems. The company's non-regulated electric generation subsidiary
owns or has interests in renewable energy and thermal energy facilities
representing more than 1,100 MW of installed capacity. Algonquin Power &
Utilities Corp. delivers continuing growth through an expanding pipeline of
renewable power and clean energy projects, organic growth within its regulated
utilities and the pursuit of accretive acquisition opportunities. Common
shares and preferred shares are traded on the Toronto Stock Exchange under the
symbols AQN and AQN.PR.A respectively. Visit Algonquin Power and Utilities
atwww.AlgonquinPowerandUtilities.comand follow us on Twitter@AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is
forward-looking within the meaning of certain securities laws, including
information and statements regarding prospective results of operations,
financial position or cash flows. These statements are based on factors or
assumptions that were applied in drawing a conclusion or making a forecast or
projection, including assumptions based on historical trends, current
conditions and expected future developments. Since forward-looking statements
relate to future events and conditions, by their very nature they require
making assumptions and involve inherent risks and uncertainties. APUC cautions
that although it is believed that the assumptions are reasonable in the
circumstances, these risks and uncertainties give rise to the possibility that
actual results may differ materially from the expectations set out in the
forward-looking statements. Material risk factors include those set out in the
management's discussion and analysis section of APUC's most recent annual
report, quarterly report, and APUC's Annual Information Form. Given these
risks, undue reliance should not be placed on these forward-looking
statements, which apply only as of their dates. Other than as specifically
required by law, APUC undertakes no obligation to update any forward-looking
statements or information to reflect new information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp.
2845 Bristol Circle, Oakville, Ontario, L6H 7H7
Telephone: (905) 465-4500
Press spacebar to pause and continue. Press esc to stop.