US Propane completes merger with Heritage Propane Partners
DALLAS, TX, August 10, 2000
US Propane today announced that it has completed a merger of its operations with Heritage Propane Partners, LP (NYSE: HPG). The merger creates the fourth-largest retail propane distributor in the United States, serving more than 480,000 customers in 28 states.
The merger was accomplished through a series of transactions. US Propane was formed combining the propane holdings of four companies: AGL Resources (NYSE: ATG), Atmos Energy Corporation (NYSE: ATO), Piedmont Natural Gas Company, Inc. (NYSE: PNY) and TECO Energy, Inc. (NYSE: TE).
US Propane contributed all of its assets to the Heritage Partnership in exchange for a combination of cash and partnership interests. US Propane also simultaneously agreed to purchase Heritage Holdings, Inc., the general partner of Heritage Propane Partners.
"This successful series of transactions combined four small propane companies into a regional operation, and then transformed that regional operation to one of the top retail providers in the nation," said Heritage Holdings, Inc. Chief Financial Officer Larry J. Dagley, formerly Chief Operating Officer for US Propane.
For individual US Propane venturer information, visit online: AGL Resources (www.aglresources.com), Atmos Energy (www.atmosenergy.com), Piedmont Natural Gas Company (www.piedmontng.com), TECO Energy, Inc. (www.tecoenergy.com).