AltaGas selling Alaskan utilities business to TriSummit Utilities for $1.025B
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.
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.
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.
This report by The Canadian Press was first published May 26, 2022.
CTVNews.ca Top Stories
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Maple Leafs fall to Bruins in Game 3, trail series 2-1
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
New Indigenous loan guarantee program a 'really big deal,' Freeland says at Toronto conference
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
'Life was not fair to him': Daughter of N.B. man exonerated of murder remembers him as a kind soul
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.