Bullboard - Stock Discussion Forum AltaGas Ltd T.ALA

Alternate Symbol(s): ATGFF | T.ALA.PR.A | ATGPF | T.ALA.PR.B | T.ALA.PR.G | ATGAF

AltaGas Ltd. is a Canada-based energy infrastructure company that connects natural gas and natural gas liquids (NGLs) to domestic and global markets. The Company’s segments include Utilities and Midstream. Its Utilities segment owns and operates franchised, rate-regulated natural gas distribution and storage utilities, which includes four utilities that operate across five United States... see more

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AltaGas Ltd > AU Sale Approved = PR

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Post by TimeBuilder on Dec 22, 2022 9:08am

AU Sale Approved = PR

08:20 AM EST, 12/22/2022 (MT Newswires) -- AltaGas (ALA.TO) on Thursday said state regulators approved the US$800 million sale of its Alaskan Utilities unit to TriSummit Utilities.

The energy infrastructure company said the approvals from the Regulatory Commission of Alaska were the last needed prior to completing the sale and it is expected to close in the first quarter of next year.

Proceeds will be used to reduce debt.

"AltaGas' total near-term deleveraging from the Alaskan monetization is estimated to exceed CAD$1 billion, net of expected cash taxes. Sale proceeds will initially be used to reduce debt while providing AltaGas with the financial flexibility to advance the company's strong growth opportunities across the Utilities and Midstream platforms over the coming years," it said in a release.

The company's shares closed up C$0.64 to C$23.47 Wednesday on the Toronto Stock Exchange.

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