Natural-gas distributor AGL Resources (AGL) unveiled a $2.4 billion bid on Tuesday to take over peer Nicor (GAS).

Valued at $53 a share, the deal places a 13% premium on Nicor’s closing price on Monday and would double Atlanta-based AGL’s customers to about 4.5 million.

The companies said the deal will be neutral to AGL’s bottom line in its first year and then add to it thereafter.

“Together we will establish a platform for growth that is superior to what either company could achieve on its own," AGL CEO John Somerhalder II said in a statement. “By combining with Nicor, we will be able to enhance earnings growth while maintaining a strong balance sheet and improving cost-effectiveness."

The deal is comprised of a mix of cash and stock, giving Nicor shareholders $21.20 in cash and 0.8382 shares of AGL for each Nicor share they own.

The combined companies will continue to be known as AGL Resources and be led by Somerhalder.

AGL’s stock eased 4.9% to $35.31. Nicor’s shares rose 5.86% to $49.50, trading well below the $53 offer price.

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