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AltaGas Joins Canadian Spree in U.S. With $4.6 Billion Deal

  • TransCanada, Enbridge among Canadian companies buying in U.S.
  • Deal would add a third U.S. gas utility to AltaGas’s portfolio
Photographer: Daniel Acker/Bloomberg
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Add AltaGas Ltd. to the list of Canadian companies that can’t seem to get enough of America’s energy assets.

The Calgary power and gas supplier agreed on Wednesday to buy WGL Holdings Inc. -- owner of the Washington utility that supplies natural gas to the White House -- for $4.6 billion. The takeover will expand its reach in the U.S., where it already owns power plants and two natural gas distributors. The company also plans to invest $1.8 billion in the Marcellus and Utica shale formations of the eastern U.S.