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Alliant Energy sells its electrical and natural gas businesses for $128M

  • Alliant Energy (LNT) agrees to sell its Minnesota electric and natural gas distribution businesses for a total of $128M.
  • The electric business will be sold to Southern Minnesota Energy Cooperative, a group of 12 neighboring electric cooperatives, while a unit of Integrys Energy Group (TEG) will buy the natural gas business.
  • The terms of the electric business deal includes a ten-year purchased power agreement between Southern Minnesota Energy Cooperative and LNT's Iowa electric utility.
  • The deal is subject to regulatory approval, which is expected in six to 12 months.
  • Shares +1.7% AH.
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