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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Altagas Ltd    ALA   CA0213611001

ALTAGAS LTD (ALA)
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AltaGas sells 35 percent stake in hydro projects for C$922 million

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06/13/2018 | 02:26pm CEST

(Reuters) - Canadian utility AltaGas Ltd said on Wednesday it would sell a 35 percent stake in three hydroelectric projects in Northwest British Columbia for C$922 million ($707.87 million) to help fund its acquisition of U.S.-based WGL Holdings Inc.

The sale to a joint venture owned by Axium Infrastructure Inc and Manulife Financial Corp is part of a plan to raise C$2 billion of the C$8.4 billion WGL deal.

AltaGas, which will remain the majority holder of the projects, said it expected the transaction to close by the end of June.

"We also continue to advance discussions for the monetization of certain additional assets, which we expect to conclude in the third quarter," Chief Executive Officer David Harris said.

The projects include the 195-megawatt Forrest Kerr Hydroelectric Facility, the 16-megawatt Volcano Creek Hydroelectric Facility and the 66-megawatt McLymont Creek Hydroelectric Facility.

TD Securities Inc, J.P. Morgan and RBC Capital Markets acted as joint financial advisers to AltaGas.

(Reporting by Karan Nagarkatti and Laharee Chatterjee in Bengaluru; Editing by Anil D'Silva)

Stocks mentioned in the article
ChangeLast1st jan.
ALTAGAS LTD 0.20% 25.34 Delayed Quote.-11.64%
MANULIFE FINANCIAL CORP. 0.29% 24.27 Delayed Quote.-6.41%
WGL HOLDINGS INC 0.00%-End-of-day quote.3.38%
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Financials (CAD)
Sales 2018 3 984 M
EBIT 2018 651 M
Net income 2018 175 M
Debt 2018 9 380 M
Yield 2018 8,80%
P/E ratio 2018 35,96
P/E ratio 2019 17,75
EV / Sales 2018 4,03x
EV / Sales 2019 3,04x
Capitalization 6 680 M
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Mean consensus HOLD
Number of Analysts 14
Average target price 28,8  CAD
Spread / Average Target 14%
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Managers
NameTitle
David Wallace Cornhill Chairman & Co-Chief Executive Officer
Phillip Raymond Knoll Co-Chief Executive Officer & Director
Jess Nieukerk Director-Finance & Communications
Timothy W Watson Chief Financial Officer & Executive Vice President
Allan L. Edgeworth Independent Director
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