PSP Investments and ATRF win approval to buy AltaGas Canada

PSP Investments and Alberta Teachers’ Retirement Fund Board have received shareholder, court and regulatory approvals to acquire AltaGas Canada Inc for C$1.7 billion.

PSP Investments and Alberta Teachers’ Retirement Fund Board have received shareholder, court and regulatory approvals to acquire AltaGas Canada Inc for C$1.7 billion. The deal is expected to close by March 31. Based in Calgary, ACI is an energy infrastructure company.

PRESS RELEASE

AltaGas Canada Inc. Receives All Approvals for the Arrangement Involving PSP Investments And ATRF
Calgary and Edmonton, Alberta, and Montreal, Quebec–(Newsfile Corp. – March 25, 2020) – AltaGas Canada Inc. (TSX: ACI) (“ACI”), Public Sector Pension Investment Board (“PSP Investments”) and the Alberta Teachers’ Retirement Fund Board (“ATRF”) announced today that approval has been received from the Alberta Utilities Commission and the British Columbia Utilities Commission with respect to the previously announced arrangement of ACI (the “Arrangement”), whereby all of the issued and outstanding common shares of ACI (“Common Shares”) will be acquired for $33.50 in cash per Common Share. With all required shareholder, court and regulatory approvals having now been obtained, the Arrangement is expected to be completed on or about March 31, 2020, although the transaction remains subject to customary closing conditions that cannot be satisfied until completion.

About ACI
ACI is a Canadian company with natural gas distribution utilities and renewable power generation assets. ACI serves approximately 130,000 customers, delivering low carbon energy, safely and reliably. For more information visit: www.altagascanada.ca.

About PSP Investments
PSP Investments is one of Canada’s largest pension investment managers with approximately $168 billion of net assets as of March 31, 2019. It manages a diversified global portfolio of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montreal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow PSP Investments on Twitter and LinkedIn.

About ATRF
ATRF is one of Canada’s fastest growing pension plans with approximately $18 billion of net assets under management. ATRF manages a diversified global portfolio composed of investments in public financial markets, infrastructure, private equity, real estate and absolute return strategies. Based in Edmonton, ATRF also manages and administers pension plans for more than 83,000 teachers in Alberta. Visit www.atrf.com for more information.