OREANDA-NEWS. September 11, 2013. Energy Transfer Partners (NYSE: ETP) announced that effective September 1, 2013, the sale of the assets of Missouri Gas Energy (MGE) to Laclede Gas Company, a subsidiary of The Laclede Group, Inc. (NYSE: LG), was completed for USD 975 million. MGE is a division of Southern Union Company (Southern Union), a wholly-owned subsidiary of ETP.

ETP expects the sale of the assets of Southern Union’s New England Gas Company (NEG) natural gas distribution division for USD 60 million, less assumed debt, will be completed during the fourth quarter of 2013, pending receipt of required regulatory approval.

The sale by Southern Union of the MGE and NEG assets is another important step in ETP’s efforts to streamline and integrate its asset portfolio through the divestiture of non-core assets. The cash proceeds from these sales will be utilized to repay debt, including borrowings under ETP’s revolving credit facility.