Atmos Sells Georgian Gas Assets

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Atmos Energy is getting out of Georgia. The country's largest natural gas-only distributor announced Monday that it's just completed the sale of "substantially all" of its natural gas distribution assets located in Georgia to Algonquin Power & Utilities subsidiary Liberty Energy (Georgia). Along with the distribution assets, Algonquin will take ownership of some 64,000 residential and commercial gas meters.

In exchange, Atmos will receive roughly $155 million -- enough cash to make the sale profitable for the company, and enough that Atmos will be reporting an after-tax gain of $0.07 on the sale.

On the downside, Atmos says it earned $0.03 per share in profits off these assets in Q4 of 2012 alone. Going forward, that profit stream will belong to Algonquin, and not Atmos.


Shares of Atmos declined 1% in Monday trading to close at $42.28, ahead of the news.

The article Atmos Sells Georgian Gas Assets originally appeared on Fool.com.

Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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