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Article: Canada: AltaGas to acquire NS gas distributor Heritage Gas.
- Article from:
- TendersInfo
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: manish03
AltaGas Income Trust (TSX:ALA.UN) announced Tuesday it plans to become 100 per cent owner of Nova Scotia gas distributor Heritage Gas Ltd.
In a news release, AltaGas said it's indirect wholly-owned subsidiary, AltaGas Utility Group Inc., will pay SaskEnergy Inc. and Scotia Investments $109.8 million for the 75.1 per cent of the outstanding common shares and shareholder debt of Heritage that it doesn't already own.
Proceeds to SaskEnergy will be approximately $73.3 million for its 50.1 per cent interest and $36.5 million to Scotia for its 25 per cent interest.
Closing is expected later this month.
"The ...