- AltaGas ( OTCPK:ATGFF ) on Thursday said the Regulatory Commission of Alaska approved the previously announced divestiture of the company's Alaskan Utilities to TriSummit for US$800 million.
- The divestiture is expected to close during the first quarter of 2023.
- The sale will include AltaGas' 100% interest in ENSTAR Natural Gas, the Alaska Pipeline Company, 65% indirect interest in Cook Inlet Natural Gas Storage Alaska and other ancillary unregulated operations.
- ENSTAR and CINGSA will continue to operate as standalone utilities and remain headquartered in Alaska with all ENSTAR employees joining TriSummit concurrent with closing.
- AltaGas' total near-term deleveraging from the Alaskan monetization is estimated to exceed CAD$1 billion. Sale proceeds will initially be used to reduce debt.
- For 2023, the company expects normalized EPS of $1.85 - $2.05 and normalized EBITDA of $1.5 billion - $1.6 billion.
For further details see:
Alaska regulator greenlights divestiture of AltaGas' assets to TriSummit