WGL Wgl Holdings (delisted)

   By Colin Kellaher 
 

AltaGas Ltd. (ALA.T) on Wednesday said it reached a definitive agreement to sell 35% of its interest in the Northwest British Columbia Hydro Electric Facilities for 922 million Canadian dollars (US$707.8 million) as it works to finance its $4.6 billion buyout of WGL Holdings Inc. (WGL).

The Calgary-based power and natural-gas supplier said the deal represents almost half of the roughly C$2 billion it plans to raise through asset sales.

The buyer is a joint venture owned by investment firm Axium Infrastructure Inc. and financial-services group Manulife Financial Corp. (MFC.T, MFC).

AltaGas said the purchase price implies a 2017 Ebitda multiple of about 27 times and a total value of more than C$2.6 billion for the facilities. The company said it is in talks to sell additional assets, which it expects to complete in the third quarter.

AltaGas last year agreed to acquire Washington-based gas utility owner WGL as part of a slew of Canadian companies buying up U.S. energy assets.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

June 13, 2018 08:32 ET (12:32 GMT)

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