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The Laclede Group has reached an agreement to acquire Energen subsidiary Alabama Gas (Alagasco) for $1.6 billion.

Alagasco is currently the largest natural gas utility in Alabama.

The company provides service to more than 422,000 customers.

The transaction will increasing Laclede’s customer base to 1.55 million.

Laclede stated that it made the acquisition in accordance with its regulated growth strategy.