AltaGas Ltd. says it has signed a deal to sell its Alaskan utilities business to TriSummit Utilities Inc. for $1.025 billion.
The sale includes Enstar Natural Gas, a gas distribution company in Alaska with about 150,000 customers; the Alaska Pipeline Co., which operates transmission and distribution pipelines for Enstar; the company’s 65 per cent indirect interest in Cook Inlet Natural Gas Storage Alaska; and other ancillary operations.
Get daily National news
AltaGas says once the deal is complete, its remaining utilities will be concentrated in the Eastern U.S., including Maryland, Virginia, Michigan and the District of Columbia.
- Correctional Service Canada says 27-year-old man died in New Brunswick prison
- Beer Store prepares to open new outlets after steadily shuttering locations
- Russian cybercriminals tied to global fake computer update scam: RCMP
- Black Montreal public servants call for concrete action to fight systemic racism
The company says the proceeds from the sale will initially be used to reduce debt while providing it with the financial flexibility to advance its growth opportunities.
The deal is subject to customary closing conditions including regulatory approvals.
It is expected to close no later than the first quarter of 2023.
Comments
Want to discuss? Please read our Commenting Policy first.