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| Home : AltaGas Ltd. Announces Sale of Non-Core Gas Assets |
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Feb 03
2016 |
AltaGas Ltd. Announces Sale of Non-Core Gas Assets |
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CALGARY, ALBERTA--(Marketwired - Feb. 2, 2016) - AltaGas Ltd. ("AltaGas") (TSX:ALA) announced today that its wholly owned subsidiaries, AltaGas Processing Partnership and AltaGas Holdings Inc., have entered into an agreement with Tidewater Midstream and Infrastructure Ltd. ("Tidewater") to sell AltaGas Northcentral Processing Limited Partnership, a limited partnership containing certain non-core natural gas gathering and processing assets (the "Tidewater Disposition"). Total consideration to be received by AltaGas is $30 million cash and 43.7 million common shares of Tidewater. The assets being sold to Tidewater pursuant to the Tidewater Disposition are located primarily in central and north-central Alberta, total approximately 490 Mmcf/d of gross licensed natural gas processing capacity, and represent less than two percent of AltaGas' EBITDA for 2016. Subject to the satisfaction or waiver of conditions typical for a transaction of this nature, the Tidewater Disposition is expected to close in the first quarter of 2016. |
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| Source:http://www.marketwired.com/mw/release.do?id=2093431&sourceType=3 |
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