Tidewater sale of Pipestone and Dimsdale assets

On August 31, 2023, Tidewater Midstream and Infrastructure Ltd. ("Tidewater") announced it entered into an agreement with AltaGas Ltd. ("AltaGas") to sell its Pipestone natural gas plant ("Pipestone Phase I"), Pipestone natural gas plant expansion project ("Pipestone Phase II", and collectively with Pipestone Phase I, "Pipestone"), Dimsdale natural gas storage facility ("Dimsdale"), and associated gathering and other infrastructure, to AltaGas.

Under the terms of the agreement, AltaGas will acquire Pipestone and Dimsdale for a total consideration of C$650 million plus the assumption of power leases at Pipestone. The form of consideration will be C$325 million in cash and C$325 million in AltaGas common shares. Tidewater will receive approximately 12.5 million AltaGas common shares.

Tidewater expects to use net proceeds from the transaction for general corporate purposes, including the repayment of amounts on its senior credit facility. Following the transaction, Tidewater will continue to focus on surfacing value across its remaining midstream, downstream, and renewable fuels assets.

Closing of the transaction was announced on December 22, 2023.

Further information can be found on Canada Newswire’s website.

Tidewater is traded on the TSX under the symbol "TWM". Tidewater's business objective is to profitably grow and create shareholder value in the North American natural gas, natural gas liquids, crude oil, refined product and renewable energy value chain.

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy.