Seeking Alpha

AGL Resources to sell Tropical Shipping in ~$220M deal

  • AGL Resources (GAS) agrees to sell its Tropical Shipping business to Saltchuk Resources in an estimated $220M deal; AGL says it wants to focus on its regulated natural gas utilities and related assets.
  • AGL expects the deal to result in an income tax expense and non-cash goodwill impairment loss of $0.42/share in Q1 and $0.24 in Q2.
  • Also expects to report economic earnings EBIT of ~$270M in Q1, vs. $29M for Q1 2013.
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