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December 3, 2009

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Deal involving Vegas firm OK’d

Monday, Oct. 6, 2003 | 11:19 a.m.

Southwest Gas Corp. of Las Vegas today received approval from the Securities and Exchange Commission to purchase Xcel Energy Inc.'s Black Mountain Gas Co. in Phoenix.

The deal would add about 8,400 customers to the 1.5 million Southwest Gas already serves in Arizona, California and Nevada. Black Mountain's current service area in Phoenix is surrounded by Southwest Gas' service area, said Garth Andrews, a Phoenix spokesman for Southwest.

The $25.2 million deal calls for a cash payment of $18.7 million to Xcel and an additional $6.5 million to retire Black Mountain debt, said an Xcel filing with the U.S. Security and Exchange Commission.

Southwest Gas will finance the deal with working capital, Andrews said. The Arizona Corporation Commission approved the deal in July, and it is expected to close this month, he added.

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