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San Diego, CA, Oct. 2, 2008 -- Sempra Energy today announced the completion of its acquisition of Mobile, Ala.-based EnergySouth Inc. for $510 million in cash.
The acquisition was accomplished via a merger of a Sempra Energy subsidiary and EnergySouth. Sempra Energy's Sempra Pipelines & Storage unit will operate the EnergySouth business as part of Sempra Pipelines & Storage's existing operations.
The acquisition, which was announced in July, gives Sempra Energy a majority ownership in two large, high-cycle underground natural gas storage facilities that, when fully developed, will have a capacity of 57 billion cubic feet of natural gas.
As part of the transaction, Sempra Energy also acquired Mobile Gas Service Corp., an Alabama natural gas distribution utility owned by EnergySouth.
A substantial majority of EnergySouth shareholders approved the transaction yesterday. They will receive $61.50 per share. The transaction also has received all necessary regulatory approvals, including federal antitrust clearance under the Hart-Scott-Rodino Act.
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