Business
AltaGas Announces Closing of Increased Interest in Petrogas; Continues to Advance Global Export Strategy
AltaGas Announces Closing of Increased Interest in Petrogas; Continues to Advance Global ...
About this update from Altagas Ltd.
[{"type":"text","content":"\n \n \n \n AltaGas Announces Closing of Increased Interest in Petrogas; Continues to Advance Global Export Strategy\n \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 \n AltaGas closes strategic acquisition of increased ownership in Petrogas; remains focused on providing access to premium global LPG markets and reducing Asian carbon intensity while growing earnings per share and creating earnings durability for shareholders.\n \n \n \n \n CALGARY, AB\n \n ,\n \n Dec. 16, 2020\n \n /CNW/ -\n \n AltaGas Ltd. (\"AltaGas or the Company\")\n \n (TSX: ALA) is pleased to announce that it has closed the previously announced acquisition of an additional 37 percent equity interest in Petrogas Energy Corp. (\"Petrogas\") for total consideration of approximately\n \n $715 million\n \n . AltaGas' indirect ownership in Petrogas increases to approximately 74% with Idemitsu Kosan Co., Ltd. (\"Idemitsu\") indirectly owning the remaining approximate 26%. The transaction is expected to be immediately accretive to earnings and cash flow per share and is expected to be accretive to AltaGas' credit metrics on a run-rate basis.\n \n \n \n About AltaGas\n \n \n \n AltaGas is a leading North American energy infrastructure company that connects NGLs and natural gas to domestic and global markets. The company operates a diversified, low-risk, high-growth Utilities and Midstream business that is focused on delivering resilient and durable value for its stakeholders. For more information visit\n \n www.altagas.ca\n \n or reach out to:\n \n \n \n \n Jon Morrison\n \n \n \n Senior Vice President, Investor Relations & Corporate Development\n \n 403.691.7575\n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n Adam McKnight\n \n \n \n Director, Investor Relations\n \n 403.691.7575\n \n \n \n \n \n \n [email protected]\n \n \n \n \n \n \n Investor Inquiries:\n \n \n 1-877-691-7199\n \n \n \n [email protected]\n \n \n \n \n \n \n \n Media Inquiries:\n \n \n 1-403-206-2841\n \n \n \n [email protected]\n \n \n \n \n \n FORWARD-LOOKING INFORMATION\n \n \n \...