AGL Resources has sold a non-regulated retail natural gas supply business, Compass Energy Services, the company said Thursday.
Atlanta-based AGL received $12 million plus working capital for selling Richmond-based Compass. AGL may receive up to $8 million in additional cash based upon Compass’ financial performance over the next five years.
AGL sold Compass to Chicago-based Integrys Energy Services. The company said it expects to earn between $9 million and $11 million before taxes from the sale. AGL will report that gain during the second quarter of this year.
AGL is the nation’s largest distribution-only natural gas company. It owns and operates seven natural gas utilities totaling 4.5 million customers, as well as retail and wholesale units.
Compass supplies natural gas to commercial and industrial customers in parts of the mid-Atlantic, Midwest and Southeast.
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