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Algonquin Power & Utilities Corp. Continues Expansion of its Regulated Utility Distribution Business in the United States
Algonquin Power & Utilities Corp. Continues Expansion of its Regulated Utility Distrib...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n\n\n\nAlgonquin Power & Utilities Corp. Continues Expansion of its Regulated Utility Distribution Business in the United States\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAlgonquin Power & Utilities Corp. Continues Expansion of its Regulated Utility Distribution Business in the United States\nCanada NewsWire\nOAKVILLE, ON, Aug. 31, 2017\n\n\n\nTransaction Highlights:\n\n\nAPUC has entered into a definitive agreement to acquire St. Lawrence Gas Company, Inc. (\"SLG\") \nSLG is a rate-regulated natural gas distribution utility serving approximately 16,000 customers in northern New York State\nTotal purchase price for the transaction is U.S. $70 Million, less total third-party debt of SLG outstanding at closing, and subject to customary working capital adjustments\nClosing of the transaction remains subject to regulatory approval and other necessary closing conditions, and is expected to occur in 2018\n\n\n\nOAKVILLE, ON, Aug. 31, 2017 /CNW/ - Algonquin Power & Utilities Corp. (TSX: AQN, NYSE: AQN) (\"APUC\") announced today that its subsidiary Liberty Utilities Co. (\"Liberty Utilities\"), APUC's regulated distribution utility business, has entered into a definitive agreement with Enbridge Gas Distribution Inc. (\"Enbridge Gas Distribution\"), a subsidiary of Enbridge Inc. (TSX: ENB), to acquire St. Lawrence Gas Company, Inc., a regulated natural gas distribution utility located in northern New York State, and its subsidiaries.\n\nSLG is headquartered in Massena, NY, and provides natural gas distribution to a service territory located in northern New York State paralleling the south shore of the St. Lawrence River.  The SLG operations consist of its existing local distribution company business serving approximately 16,000 residential, commercial and industrial customers, a natural gas appliance rental business focused on accelerating natural gas fuel adoption in the franchise area, and a recently completed 48 mile backbone gas distribution expansion into neighboring Franklin County. \n\n\"We believe that St. Lawrence Gas represents an attractiv...