A team of lawyers from Dewey & LeBoeuf is representing energy services company AGL Resources Inc. in its recently announced deal to acquire Nicor Inc., the parent company of natural gas distribution company Nicor Gas, in a transaction with an enterprise value of $3.1 billion, including a total equity value of $2.4 billion payable in cash and stock. After the deal is completed, which is expected in the second half of 2011, AGL shareholders will own approximately 67 percent of the combined company.
The transaction is the biggest for Atlanta-based AGL and the largest among US gas utilities this year. The merger will create a natural gas company with approximately $5.1 billion in annual revenue and about 4.5 million customers across seven states, almost double the number of customers AGL currently serves.
AGL Resources owns Atlanta Gas Light and five other gas utilities with 2.3 million customers in six states. Nicor’s natural-gas distribution unit has more than 2 million customers in Northern Illinois and the Chicago suburbs.
New York Partners William Lamb and Frederick Lark led the deal team, with support from a team that included:
Corporate:
Gregory Owens, Partner
Alessandra Chichi, Associate
Brendan Dignan, Associate
Sheel Patel, Associate
Compensation, Benefits & Employment:
Martha Steinman, Partner
Melissa Peterson, Associate
Tax:
Mark Caterini, Partner
Shane Milam, Associate
Real Estate:
Suzanne St. Pierre, Partner
Environmental:
John Renneisen, Counsel
