AltaGas Canada to Be Acquired for C$1.7B



AltaGas Canada to Be Acquired for C$1.7B
AltaGas Canada Inc., an energy infrastructure company, has agreed to be bought out for C$33.50 per share by the Public Sector Pension Investment Board and the Alberta Teachers' Retirement Fund Board.

AltaGas Canada Inc. (ACI), an energy infrastructure company, has agreed to be bought out by the Public Sector Pension Investment Board (PSP Investments) and the Alberta Teachers’ Retirement Fund Board (ATRF) for C$1.7 billion.

Under the terms of the agreement, PSP Investments and the ATRF (collectively referred to as the Consortium) will acquire all common shares of ACI in an all-cash transaction of C$33.50 per common share.

“This premium all-cash offer is strong recognition of the significant value ACI has created for its shareholders since inception,” ACI CEO Jared Green said in a company statement. “This transaction and the premium it places on our common shares is an excellent outcome for our shareholders.”

He goes on to say, “we will be a stronger company which will afford us new and exciting opportunities in addition to the fantastic growth plans we already have in place. As we go forward we will continue to execute on those plans and maintain the strong relationships we have built with our regulators.”

TD Securities Inc. is the financial advisor to ACI.

National Bank Financial and Citi are serving as co-lead financial advisors to the Consortium.   

To contact the author, email Valerie.Jones@Rigzone.com



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