CALGARY, ALBERTA–(Marketwired – Feb. 29, 2016) – AltaGas Ltd. (“AltaGas”) (TSX:ALA) announced today that through its wholly owned subsidiaries, AltaGas Processing Partnership (“AltaGas PP”) and AltaGas Holdings Inc., it has successfully completed the sale of the AltaGas Northcentral Processing Limited Partnership (the “Tidewater Disposition”), a limited partnership containing certain non-core natural gas gathering and processing assets located primarily in central and north-central Alberta, to Tidewater Midstream and Infrastructure Ltd. (“Tidewater”).
Total consideration received by AltaGas PP in connection with the Tidewater Disposition was $30 million in cash and 43,703,571 common shares in the capital of Tidewater (the “Tidewater Shares”). As a result of the Tidewater Disposition, AltaGas PP now owns and controls 19.90% of the issued and outstanding Tidewater Shares. AltaGas has acquired the Tidewater Shares for investment purposes only. AltaGas may acquire further Tidewater Shares (subject to the limitations of a shareholder agreement between AltaGas and Tidewater entered into in connection with the Tidewater Disposition), or dispose of its holdings of Tidewater Shares, as investment conditions warrant.
AltaGas is an energy infrastructure business with a focus on natural gas, power and regulated utilities. AltaGas creates value by acquiring, growing and optimizing its energy infrastructure, including a focus on clean energy sources. For more information visit: www.altagas.ca.
To obtain a copy of the corresponding report filed with the Canadian securities regulators contact:
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