Canadian Utilities Limited Transfers ATCO Structures & Logistics Ownership Interest to ATCO Ltd.
21 Diciembre 2017 - 6:34AM
ATCO Ltd. (TSX:ACO.X) (TSX:ACO.Y),
Canadian Utilities Limited (TSX:CU) (TSX:CU.X)
ATCO Ltd. and its subsidiary, Canadian Utilities Limited, today
announced an agreement to transfer Canadian Utilities Limited’s
24.5 per cent ownership interest in ATCO Structures & Logistics
Ltd. to ATCO Ltd. As a result of the transaction, ATCO will
own 100 per cent of the shares of ATCO Structures &
Logistics.
Pursuant to the transaction, ATCO will pay approximately $140
million in cash to Canadian Utilities for its 24.5 per cent
interest in ATCO Structures & Logistics using ATCO’s cash
reserves. Canadian Utilities expects minimal tax and earnings
impacts arising from the transaction, subject to year-end adjusting
entries.
The transaction simplifies ATCO’s ownership structure, while
allowing Canadian Utilities to redeploy capital as part of its
financing plan for its large investment program in core regulated
and long-term contracted energy infrastructure asset base.
The transaction was reviewed by an independent financial
advisor, Ernst & Young LLP, who has provided a fairness opinion
that the financial consideration to be paid and received pursuant
to the transaction is fair, from a financial point of view. The
transaction is subject to the completion of documentation and
receipt of all necessary approvals which are expected to be
completed by December 31, 2017.
Canadian Utilities will continue to wholly own its core
investments in the Electricity and Pipelines & Liquids Global
Business Units, as well as its international operations in
Australia and Latin America. ATCO will wholly own the
Structures & Logistics Global Business Unit and all its foreign
operations, as well as its 52.7 per cent interest in Canadian
Utilities.
With approximately 7,000 employees and assets of $21
billion, ATCO is a diversified global corporation delivering
service excellence and innovative business solutions in Structures
& Logistics (workforce housing, innovative modular facilities,
construction, site support services, and logistics and operations
management); Electricity (electricity generation, transmission, and
distribution); Pipelines & Liquids (natural gas transmission,
distribution and infrastructure development, energy storage, and
industrial water solutions); and Retail Energy (electricity and
natural gas retail sales). More information can be found
at www.ATCO.com.
Media & Investor Inquiries:
D.A. (Dennis) DeChamplain Senior Vice President & Chief
Financial Officer 403-292-7502
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Forward-Looking Information: |
| Certain statements
contained in this news release may constitute forward-looking
information. Forward-looking information is often, but not always,
identified by the use of words such as “anticipate”, “plan”,
“estimate”, “expect”, “may”, “will”, “intend”, “should”, and
similar expressions. Forward-looking information involves known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking information. The Company’s
actual results could differ materially from those anticipated in
this forward-looking information as a result of regulatory
decisions, competitive factors in the industries in which the
Company operates, prevailing economic conditions, and other
factors, many of which are beyond the control of the
Company. |
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The Company believes that
the expectations reflected in the forward-looking information are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking information
should not be unduly relied upon. Any forward-looking information
contained in this news release represents the Company’s
expectations as of the date hereof, and is subject to change after
such date. The Company disclaims any intention or obligation to
update or revise any forward-looking information whether as a
result of new information, future events or otherwise, except as
required by applicable securities legislation. |
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