TriSummit Utilities Inc. entered into a definitive agreement to acquire Alaska Pipeline Company, ENSTAR Natural Gas Company, NORSTAR Pipeline Company, Inc., and 65% stake in Cook Inlet Natural Gas Storage (Alaskan Utilities) from SEMCO Energy, Inc. for $800 million on May 25, 2022. Fully committed financing from the company's indirect shareholders for all funds necessary is already in place. The company's expects the permanent financing of the transaction to be approximately 50 – 55 percent common equity with the remaining financing to be in the form of long-term debt. Buyer shall pay to vendor a fee equal to 4% of the base purchase price in case of termination.

Alaskan senior leadership team and the dedicated employees will be joining TriSummit post-closing. Following the close of the transaction, ENSTAR will maintain its existing headquarters in Anchorage and will continue to operate as a standalone utility in Alaska. Its current management team and employees will remain in place.

The transaction has been unanimously approved by AltaGas and TriSummit's Board of Directors and is subject to regulatory and government approvals and clearances, including approval by the Regulatory Commission of Alaska and compliance with applicable requirements under the U.S. HartScott-Rodino Antitrust Improvements Act of 1976. It is also subject to the resignation of targets' directors, execution of pre-closing reorganization, and execution of transitional service and non solicitation agreements. The transaction is expected to close in first quarter of 2023. As of December 22, 2022, Regulatory Commission of Alaska (the "RCA") approved the joint application for Divestiture of Alaskan Utilities.

RBC Capital Markets, LLC and Scotiabank are acting as financial advisors and Janan Paskaran, Chris Christopher, Amy Maginley of Torys LLP are acting as legal advisors to AltaGas, ultimate parent of SEMCO Energy, Inc. CIBC Capital Markets is acting as financial advisor and David Kurzweil and Christopher Cross of Latham & Watkins LLP and Stikeman Elliott LLP are acting as legal advisors to TriSummit. Deloitte LLP acted as an accountant to TriSummit.

TriSummit Utilities Inc. completed the acquisition of Alaska Pipeline Company, ENSTAR Natural Gas Company, NORSTAR Pipeline Company, Inc. and 65% stake in Cook Inlet Natural Gas Storage (Alaskan Utilities) from SEMCO Energy, Inc. on March 1, 2023. AltaGas Ltd. divested its Alaskan Utilities to TriSummit Utilities Inc. for $800 million (approximately CAD$1.1 billion), prior to closing adjustments. Sale proceeds were used to reduce debt while providing AltaGas with the financial flexibility.