$12 Billion Utilities Acquisition

August 24, 2015

Cleary Gottlieb is representing Goldman Sachs, as financial advisor to AGL Resources in its all-cash acquisition by The Southern Company. Shareholders of AGL Resources will receive $66 per share in cash, creating a transaction with an equity value of $8 billion and a total value of $12 billion including the assumption of debt. The deal was announced on August 24, 2015 and is expected to close early in the second half of 2016.

AGL Resources is an Atlanta-based energy services holding company with operations in natural gas distribution, retail operations, wholesale services and midstream operations.

The Southern Company is the premier energy company serving the Southeast through its subsidiaries, with more than 4.5 million customers and approximately 46,000 megawatts of generating capacity.