AltaGas ( OTCPK:ATGFF ) will own 100% of Petrogas after saying on Tuesday it agreed to acquire the nearly 26% of Petrogas Energy to does not already own from Idemitsu Kosan for C$285M in cash.
AltaGas ( OTCPK:ATGFF ) expects the deal will be immediately accretive to normalized EPS through a reduction in net income applicable to non-controlling interests, with full-year run-rate accretion expected at more than $0.10/share.
"This transaction provides us the ability to further integrate and optimize our industry leading west coast export platform, solidifying our position as the leading provider of North American liquefied petroleum gases from the west coast," President and CEO Randy Crawford said.
AltaGas ( OTCPK:ATGFF ) recently agreed to sell its Alaskan utilities in an $800M deal .
For further details see:
AltaGas to buy remaining Petrogas stake in C$285M deal