This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Algonquin Power & Utilities Corp. Announces Closing Of Georgia Natural Gas Distribution Acquisition

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, 2013.

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 billion portfolio of regulated and non-regulated utilities in  North 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 at and 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.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs