Summary
Atmos Energy Corporation (ATO) announced on January 20, 2004, the completion of the sale of its interests in Heritage Propane Partners, L.P. This transaction, a component of a larger merger between Energy Transfer Company and Heritage Propane Partners, involved four utility partners and a total sale price of $130 million. Atmos Energy is set to receive approximately $24.7 million from this sale. The company anticipates recording a pre-tax book gain of $4.4 million in its second fiscal quarter of 2004 related to this divestiture. This event is part of a strategic move previously announced in November 2003 and represents a significant financial event for the company.
Key Highlights
- 1Atmos Energy completed the sale of its interests in Heritage Propane Partners, L.P.
- 2The total sale price for all partners was $130 million.
- 3Atmos Energy will receive approximately $24.7 million in proceeds.
- 4The company expects to recognize a pre-tax book gain of $4.4 million.
- 5The gain is anticipated to be recorded in the second quarter of fiscal year 2004.
- 6The sale was part of a larger transaction involving the merger of Energy Transfer Company and Heritage Propane Partners.
- 7This divestiture was initially announced in November 2003.
Frequently Asked Questions
The primary event reported is the completion of Atmos Energy Corporation's sale of its interests in Heritage Propane Partners, L.P., along with three other utility partners.
Atmos Energy is expected to receive approximately $24.7 million from the sale.
Yes, Atmos Energy expects to record a pre-tax book gain of $4.4 million from this transaction in its second fiscal quarter of 2004.
The combined interests of the four utility partners in Heritage Propane Partners were sold for a total of $130 million.