PSP, ATRF acquire AltaGas Canada for $1.7 billion
October 21, 2019
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The Public Sector Pension Investment Board (PSP Investments) and the Alberta Teachers’ Retirement Fund Board (ATRF) today announced that they are indirectly acquiring all of the issued and outstanding common shares of AltaGas Canada Inc. (ACI).
“This premium all-cash offer is strong recognition of the significant value ACI has created for its shareholders since inception,” says Jared Green, ACI’s president and CEO. “This transaction and the premium it places on our Common Shares is an excellent outcome for our shareholders. We are excited about ACI’s future with the Consortium, having the mandate to continue delivering the same safe, reliable and affordable service to our customers.
“We will be a stronger company which will afford us new and exciting opportunities in addition to the fantastic growth plans we already have in place. As we go forward we will continue to execute on those plans and maintain the strong relationships we have built with our regulators.”
The all-cash transaction of $1.7 billion was pegged at $33.50 per Common Share.
“We are very pleased to have entered into an agreement to acquire ACI in partnership with ATRF,” says Patrick Samson, managing director and head of infrastructure at PSP Investments.“ACI’s business comprises a diversified portfolio of high-quality regulated natural gas utilities and long-dated contracted renewable power assets that are well aligned with our long-term investment strategy. We look forward to supporting the company, its management team, and all of its stakeholders as ACI continues to grow and succeed.”