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AltaGas Ltd Closes Acquisition Of Natural Gas Utilities In Michigan And Alaska


Thursday, 30 Aug 2012 10:13am EDT 

AltaGas Ltd announced the completion of the acquisition of SEMCO Holding Corporation (SEMCO). Including SEMCO, AltaGas expects to add approximately $1.8 billion in new and expanded assets in 2012, and increase EBITDA by approximately $215 million on an annualized basis. The incremental cash flow is underpinned by regulated returns and long-term contracts. The acquisition is valued at $1.135 billion and is subject to customary closing adjustments. SEMCO is expected to add approximately $130 million in incremental EBITDA in 2013, the first full year of ownership and $45 million EBITDA for the remainder of 2012. AltaGas' Utility business, on a pro forma basis, is expected to be approximately 40% of consolidated EBITDA. In third quarter AltaGas expects to record approximately $6.0 million of transaction costs and approximately $7.0 million of foreign exchange charges related to the acquisition. 

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