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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Altagas Ltd    ALA   CA0213611001

ALTAGAS LTD (ALA)
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OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

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.
MANULIFE FINANCIAL CORP. -0.48% 24.84 Delayed Quote.-4.96%
WGL HOLDINGS INC 0.11% 88.57 Delayed Quote.3.12%
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Financials ( CAD)
Sales 2018 3 781 M
EBIT 2018 642 M
Net income 2018 219 M
Debt 2018 9 766 M
Yield 2018 8,47%
P/E ratio 2018 32,35
P/E ratio 2019 17,84
EV / Sales 2018 3,82x
EV / Sales 2019 2,83x
Capitalization 4 673 M
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Altagas Ltd Technical Analysis Chart | ALA | CA0213611001 | 4-Traders
Technical analysis trends ALTAGAS LTD
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TrendsBullishNeutralNeutral
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 13
Average target price 28,6  CAD
Spread / Average Target 8,8%
EPS Revisions
Managers
NameTitle
David M. Harris President, CEO & Non-Independent Director
David Wallace Cornhill Chairman
Jess Nieukerk Director-Finance & Communications
Tim Watson Chief Financial Officer & Executive Vice President
Allan L. Edgeworth Independent Director
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