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Pension fund consortium to acquire AltaGas Canada in C$1.7B deal

A consortium of Canadian pension funds has agreed to acquire AltaGas Canada Inc. in a C$1.7 billion all-cash transaction.

Public Sector Pension Investment Board and the Alberta Teachers' Retirement Fund Board are paying cash consideration of C$33.50 per share, representing a premium of approximately 31% to AltaGas Canada's closing share price on the Toronto Stock Exchange on Oct. 18.

Prior to the transaction, the AltaGas Canada board formed an independent committee to review and consider various strategic and financial options available to the company. AltaGas Canada's board entered into the deal upon recommendation of the committee and determined it is in the best interests of the company, according to an Oct. 21 news release.

"This transaction and the premium it places on our common shares is an excellent outcome for our shareholders," said AltaGas Canada President and CEO Jared Green. "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."

Completion of the deal needs the approval of about 66.67% of the common shares voted during a special meeting. It is also subject to the approval by the Court of Queen's Bench of Alberta, the Alberta Utilities Commission and the British Columbia Utilities Commission, as well as under the Competition Act of Canada.

The parties expect to close the deal in the first half of 2020.

The AltaGas Ltd. subsidiary hired TD Securities Inc. as its exclusive financial adviser and Stikeman Elliott LP as legal adviser. The consortium tapped National Bank Financial and Citi as co-lead financial advisers and Blake Cassels & Graydon LLP as legal adviser.