CALGARY _
AltaGas Ltd. (
TSX: T.ALA,
Stock Forum) says it has agreed to acquire strategic interest in Petrogas Energy Corp., a privately held company with a North American logistics network that produces more than $2.7 billion in annual revenue.
Calgary-based AltaGas said it will initially exchange approximately 2.8 million shares and an unspecified amount of cash for a 25% stake in Petrogas.
There's also a provision for it to buy an additional 25 per cent in Petrogas this year.
Atlas Gas shares rose 1.1% Friday to $35.39, leaving the company with a market cap of $4.2 billion, based on 118.5 million shares outstanding. The 52-week range is $40.80 and $31.91.