Brand News: Walmart market/ Belk buyout/ Chattanooga Gas

August 24, 2015

Collins Parker,

Chattanooga (WDEF) Walmart has set a grand opening date for their latest Neighborhood Market in our area.

The new market is at the corner of Graysville and East Brainerd roads.

Associates are now stocking shelves for the Grand Opening on Wednesday, September 9.

“We make our biggest impact on the communities we serve when we open our doors,” said store manager Steven Hamlet. “We’re looking forward to opening day.”

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CHARLOTTE, N.C. (AP) – Department store chain Belk Inc. says it has agreed to sell itself to New York-based private equity firm Sycamore Partners and go private in a deal that it valued at about $3 billion.

Under the terms of the agreement, Belk stockholders will receive $68 for each of their shares. Tim Belk will remain as the company’s CEO and the company will remain based in Charlotte, North Carolina.

Belk said certain shareholders representing the bulk of its shares have agreed to vote in favor of the deal. The company operates nearly 300 stores in 16 Southern states.

The deal has been unanimously approved by Belk’s board, but remains subject to shareholder and regulatory approvals. It’s expected to close in the fourth quarter of calendar 2015.

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ATLANTA (AP/WDEF) – Southern Co. is buying AGL Resources Inc. for approximately $7.93 billion, which will create the second-biggest utility company in the U.S. by customer base.

AGL is the parent company of Chattanooga Gas, which has 60,000 customers in Hamilton and Bradley counties.

The combined business will include 11 regulated electric and natural gas distribution companies, serving approximately 9 million customers.

Southern will pay $66 in cash for each AGL share, a 38 percent premium to the company’s Friday closing price of $47.86.

Southern and AGL put the deal’s enterprise value at about $12 billion.

AGL, which will maintain its headquarters in Atlanta, will become a subsidiary of Southern.

Both companies’ boards have approved the transaction, which is targeted to close in the second half of 2016. It still needs approval from AGL shareholders and certain state utility and other regulatory commissions.