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Southern’s Deal For AGL Resources Spotlights Shale-Gas Use

Southern Co. (SO) said Aug. 24 that it will buy AGL Resources Inc. (GAS), a company that is increasingly tapping into shale gas to supply Virginia, Georgia and Marcellus gas to New Jersey.

The boards of directors of both companies have approved a definitive merger agreement in a deal worth $8 billion in equity and an estimated $12 billion in enterprise value. As part of the agreement, Southern Co. will buy AGL for $66 per share, a 36% premium on the company’s Aug. 21 stock price.

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