Torys acted as counsel to AltaGas with a team that included Janan Paskaran, Chris Christopher, Amy Maginley and Paul Grenon (corporate/M&A).
On May 26, 2022, AltaGas Ltd. (“AltaGas”) announced an agreement to sell, through its subsidiary SEMCO Energy, Inc., 100% of its interest in ENSTAR Natural Gas Company (“ENSTAR”), Alaska Pipeline Company and Norstar Pipeline Company, Inc., as well as a 65% indirect interest in Cook Inlet Natural Gas Storage Alaska (“CINGSA”) to TriSummit Utilities Inc. (“TriSummit”). The all-cash transaction was valued at approximately C$1.1 billion (US$800 million).
Successful closing of the transaction was announced on March 1, 2023. Following closing, ENSTAR and CINGSA will continue to operate as standalone utilities and remain headquartered in Alaska with all ENSTAR employees joining TriSummit.
Further information can be found on Newsfile Corp.’s website.
ENSTAR, a regulated public utility headquartered in Anchorage, is the largest gas utility in the state of Alaska, servicing approximately 60% of the State's population, with 3,626 miles of transmission and distribution pipeline.
CINGSA, located in Kenai, is the only commercial, fully contracted, state regulated gas storage facility in Alaska.
Trisummit is a North American company with rate-regulated distribution transmission and storage utility businesses and renewable power generation assets.
AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy.