Business
AltaGas Announces Sale of 35 Percent of the Northwest British Columbia Hydro Electric Facilities for Over $920 Million
AltaGas Announces Sale of 35 Percent of the Northwest British Columbia Hydro Electric Faci...
About this update from Altagas Ltd.
[{"type":"text","content":"\n\n\n\nAltaGas Announces Sale of 35 Percent of the Northwest British Columbia Hydro Electric Facilities for Over $920 Million\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, June 13, 2018\n\n\n\nSale Aligned with AltaGas' Asset Monetization and Funding Strategy for the Acquisition of WGL Holdings, Inc. (\"WGL\")\n\n\n\nCALGARY, June 13, 2018 /CNW/ - AltaGas Ltd. (AltaGas) (TSX: ALA) announced today that it has entered into a definitive agreement to indirectly sell 35 percent of its interest in the Northwest British Columbia Hydro Electric Facilities (the \"Facilities\") for $922 million.  The purchase price implies a 2017 EBITDA multiple of approximately 27 times and a total value of over $2.6 billion on a 100 percent basis for the Facilities.  The sale of the interest in the Facilities is part of the larger funding strategy related to AltaGas' acquisition of WGL, and represents almost half of the approximate $2 billion in asset sales to be raised.  \n\n\"The sale of the minority interest in the Northwest Hydro Facilities is aligned with our asset monetization and funding strategy,\" said David Harris, President and Chief Executive Officer of AltaGas.  \"Our criteria include appropriate value for the assets, shareholder value creation, and credit metric accretion, with the resulting business being consistent with our long-term vision for AltaGas.\n\n\"We continue to be very confident in completing our long-term financing plan in the next several months, and with the sale of the Facilities and certain anticipated non-core assets, we expect over half of the $2 billion in targeted asset sales to be completed by mid-summer,\" stated Mr. Harris. \"We also continue to advance discussions for the monetization of certain additional assets, which we expect to conclude in the third quarter.\n\n\"We look forward to closing the acquisition of WGL.  The business combination is a compelling one, with accretive earnings per share and cash flow per share growth, a business with a strong balance s...