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  • Utilities company, AltaGas Canada (TSX:ACI) has been acquired by the Public Sector Pension Investment Board and Alberta Teachers’ Retirement Fund Board
  • The two boards purchased 30 million shares in AltaGas for a consideration of C$1.005 billion
  • As a result of the deal, AltaGas will change its name to TriSummit Utilities Inc and delist from the TSX
  • AltaGas Canada provides natural gas utility services and also owns a number of renewable energy assets
  • AltaGas Canada (ACI) is up 0.21 per cent, with shares trading for $33.50 and a market cap of $1 billion

Utilities company, AltaGas Canada (TSX:ACI) has been acquired by an investment board in a C$1.005 billion shares deal.

The Public Sector Pension Investment Board purchased 30 million common shares of AltaGas, through the subsidiary TriSummit Cycle Holding Inc.

The purchase occurred with help from the Alberta Teachers’ Retirement Fund Board, which provided additional capital to the joint acquisition.

The deal was initially announced last October. Shares were purchased at $33.50, which was over a 30 per cent premium on the market price at the time. 

Altagas President and CEO, Jared Green, believes that this is an important next step for the company.

“We are excited to have this transaction close, and to have the support of both PSP Investments and ATRF as we move forward with the execution of our strategy.

“We have numerous growth opportunities in front of us and a solid financial footing to deliver on them,” he said.

As a result of the deal, the company is delisting all of its TSX-based shares over the next few days.

Furthermore, AltaGas Canada is assuming the purchasing company’s name and becoming TriSummit Utilities Inc.

As a result of the acquisition, each fund has added two new directors to AltaGas’s board, totally four new additions.

AltaGas currently provides natural gas utilities services in Alberta and Nova Scotia. The company also owns the Bear Mountain Wind Park and an interest in the Northwest Hydro Facilities.

At the time of the acquisition, the company supplies more than 130,000 clients through its electricity infrastructure.

AltaGas Canada Inc (ACI) is up 0.21 per cent, with shares trading for $33.50 at 11:08am EST. 

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