PSP and ATRF to acquire AltaGas Canada for $1.3bn.

PSP Investments, Canada's largest pension investment managers, and Alberta Teachers’ Retirement Fund Board, a provider of administration and management of pension plans, are set to acquire AltaGas Canada, a natural gas distribution utilities and renewable power generation company for $1.3bn. The cash consideration of $33.50 per common share represents a premium of approximately 31% to the closing price of the common share on the TSX on October 18, 2019, or a premium of approximately 33% to the 20-day volume-weighted average price. “We are very pleased to have entered into an agreement to acquire ACI in partnership with ATRF. ACI’s business comprises a diversified portfolio of high-quality regulated natural gas utilities and long-dated contracted renewable power assets that are well aligned with our long-term investment strategy. We look forward to supporting the company, its management team, and all of its stakeholders as ACI continues to grow and succeed.” Patrick Samson, PSP Investments Managing Director.