AltaGas Ltd. (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.PR.U) (TSX:ALA.R) announced that the Regulatory Commission of Alaska approved the application for AltaGas to acquire SEMCO Holding Corporation. All regulatory approvals have now been received and subject to customary closing conditions the acquisition of SEMCO is expected to close on August 30, 2012.
"We are pleased to have received the final regulatory approval for this transaction and for the support shown by the regulators in both Michigan and Alaska," said David Cornhill, Chairman and CEO of AltaGas. "We look forward to the completion of this acquisition as it represents a significant milestone in our vision to be one of North America's leading energy infrastructure companies."
The addition of SEMCO to AltaGas' diversified portfolio of energy infrastructure assets is expected to be accretive to earnings and cash flow per share by more than 10 percent, and is expected to add approximately US$130 million in incremental EBITDA in 2013 the first full year of ownership.
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