AltaGas Closes Acquisition of 25 Percent Interest in Petrogas Energy Corp.
CALGARY, ALBERTA -- (Marketwired) -- 10/01/13 -- AltaGas Ltd.
("AltaGas") (TSX:ALA)(TSX:ALA.PR.A)(TSX:ALA.PR.U) announced today
that it has successfully completed the acquisition of a 25 percent
interest in Petrogas Energy Corp. ("Petrogas"), a privately held
leading North American integrated midstream company, for
approximately 2.8 million shares of AltaGas priced at $35.69, the
20-day volume weighted average price, and cash (the "Acquisition").
The Acquisition is expected to be meaningfully accretive to earnings
and cash flow per share.
"This Acquisition provides excellent opportunities to work together
to enhance value across our midstream businesses," said David
Cornhill, Chairman and CEO of AltaGas. "Together, our expertise,
assets and geographic reach allow us to provide a range of energy
solutions to our customers, and also position us well to pursue
energy export initiatives to drive future growth."
AltaGas has retained a conditional option to purchase directly or
indirectly up to an additional 25 percent interest in Petrogas in
2013. AltaGas will continue to maintain its strong balance sheet and
financial discipline and its commitment to maintaining an investment
grade credit rating.
About AltaGas Ltd.
AltaGas is an energy infrastructure business with a focus on natural
gas, power and regulated utilities. AltaGas creates value by
acquiring, growing and optimizing its energy infrastructure,
including a focus on clean energy sources. For more information
This news release contains forward-looking statements. When used in
this news release, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate", "expect", and similar expressions, as they relate to
AltaGas or an affiliate of AltaGas, are intended to identify
forward-looking statements. In particular, this news release contains
forward-looking statements with respect to, among other things, the
anticipated impact of the Acquisition on earnings and cash flow per
share, business objectives, expected growth, results of operations,
performance, business projects and opportunities and financial
results. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
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views with respect to future events based on certain material factors
and assumptions and are subject to certain risks and uncertainties,
including without limitation, changes in market, competition,
governmental or regulatory developments, general economic conditions
and other factors set out in AltaGas' public disclosure documents.
Many factors could cause AltaGas' actual results, performance or
achievements to vary from those described in this news release,
including without limitation those listed above. These factors should
not be construed as exhaustive. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary
materially from those described in this news release as intended,
planned, anticipated, believed, sought, proposed, estimated or
expected, and such forward-looking statements included in, or
incorporated by reference in this news release, should not be unduly
relied upon. Such statements speak only as of the date of this news
release. AltaGas does not intend, and does not assume any obligation,
to update these forward-looking statements. The forward-looking
statements contained in this news release are expressly qualified by
this cautionary statement.
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