Update from SNL Energy: Sempra Energy to Acquire EnergySouth, Expand Gulf Coast Storage Presence
Charlottesville, Va. (July 30, 2008) - This week, Sempra Energy announced it will expand its Gulf Coast operations by acquiring Mobile, Ala.-based EnergySouth Inc. for $510 million in cash. Shareholders of EnergySouth will receive $61.50 per share for their EnergySouth stock.
SNL Energy is closely following this proposed deal. Click here to access more comprehensive information on Sempra's acquisition of EnergySouth, complete with charts detailing the companies' financials and assets, plus a map indicating the expansion along the Gulf Coast:
Central to the transaction will be Sempra's acquisition of the assets of EnergySouth subsidiary EnergySouth Midstream Inc., including a majority ownership in two large, high-cycle underground natural gas storage facilities. When fully developed, the facilities will have 57 Bcf of capacity and will serve the nation's fastest-growing natural gas markets, the company said.
Sempra also will acquire Mobile Gas Service Corp., an Alabama natural gas distribution utility owned by EnergySouth, as part of the transaction. Mobile Gas serves approximately 93,000 customers in southwest Alabama, a region Sempra said stands to benefit from strong economic development within its service territory.
Analysis of Energy M&A deals is available as part of the SNL Energy Information Service. For more information on energy data available from SNL, call 866.296.3743 or email: EnergySales@snl.com
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