AltaGas Ltd. to Acquire Pacific Northern Gas Ltd.

AltaGas Ltd. (TSX:ALA) announced its pending acquisition of Pacific Northern Gas Ltd. (TSX:PNG.A).

As quoted in the press release:

The offer represents a 20 percent premium based on the $30.50 closing price of PNG Shares on October 28, 2011 and a 28 percent premium based on the volume weighted average trading price for the 20 prior trading days. The transaction is valued at approximately Cdn $230 million, including assumed debt expected to approximate $85 million and $5 million preferred shares.

AltaGas’ Chairman and CEO, David Cornhill said:

“PNG’s management team and employees have a strong track record of delivering safe and reliable service to their customers and have excellent relationships with the communities in which they operate. We are pleased to welcome all PNG employees to our team.”

Click here to read the AltaGas Ltd. (TSX:ALA) press release.