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ALTAGAS RECEIVES REGULATORY COMMISSION OF ALASKA APPROVAL FOR DIVESTITURE OF ALASKAN UTILITIES
ALTAGAS RECEIVES REGULATORY COMMISSION OF ALASKA APPROVAL FOR DIVESTITURE OF ALASKAN UTILITIES ...
About this update from Altagas Ltd.
[{"type":"text","content":"\n \n \n \n ALTAGAS RECEIVES REGULATORY COMMISSION OF ALASKA APPROVAL FOR DIVESTITURE OF ALASKAN UTILITIES\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Approval Positions Transaction to Close During the First Quarter of 2023.\n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Dec. 22, 2022\n \n \n /CNW/ -\n \n AltaGas Ltd. (\"AltaGas\" or the \"Company\")\n \n (TSX: ALA)\n \n announced that the Regulatory Commission of\n \n Alaska\n \n (the \"RCA\") approved the joint application of its wholly-owned subsidiary, SEMCO Energy, Inc. (\"SEMCO\") and Alaska Utility Holdings Inc. (\"AUHI\"), a wholly-owned subsidiary of TriSummit Utilities Inc. (\"TriSummit\"), for AUHI to acquire AltaGas' Alaskan Utilities from SEMCO. (the \"Divestiture\").\n \n \n \n \n As previously disclosed on\n \n May 26, 2022\n \n , AltaGas announced an agreement to sell its Alaskan Utilities to TriSummit for\n \n US$800 million\n \n (approximately\n \n CAD$1.1 billion\n \n ),\n \n \n subject to customary closing conditions, including State regulatory approvals\n \n \n . The RCA approval was the last remaining material regulatory closing condition to be satisfied in connection with the Divestiture. The Divestiture remains subject to other customary closing conditions and is expected to close during the first quarter of 2023.\n \n \n \n \n The sale will include AltaGas' 100% interest in ENSTAR Natural Gas, the largest local gas distribution company in\n \n Alaska\n \n with approximately 150,000 customers; the Alaska Pipeline Company, which operates transmission and distribution pipelines for ENSTAR; the Company's 65% indirect interest in Cook Inlet Natural Gas Storage Alaska (\"CINGSA\"), which is the only commercial state-regulated natural gas storage facility; and other ancillary unregulated operations. ENSTAR and CINGSA will continue to operate as standalone utilities and remain headquartered in\n \n Alaska\n \n with all ENSTAR employees joining TriSummit concurrent with closing.\n \n \n \n \n AltaGas remains steadfast in...