AltaGas Closes Acquisition of 25 Percent Interest in Petrogas Energy Corp.
01 Octubre 2013 - 12:51PM
Marketwired
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
visit: www.altagas.ca.
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 forward-looking statements. Such statements reflect AltaGas'
current 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.
Contacts: AltaGas Ltd. Investment Community
1-877-691-7199investor.relations@altagas.ca AltaGas Ltd. Media
(403) 691-9873media.relations@altagas.ca www.altagas.ca
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