AltaGas buying energy firm WGL Holdings for $6 billion to expand U.S. foothold
CALGARY — AltaGas Ltd. is buying WGL Holdings Inc. for $6 billion in the latest Canadian blockbuster takeover of a U.S. energy company.
“We are fortunate to be buying a storied company with nearly 170 years of history, which in many ways is nearly the mirrored image of AltaGas,” said company chief executive David Harris on an analyst call Wednesday.
Harris said the deal would allow Calgary-based AltaGas (TSX:ALA) to expand its energy infrastructure portfolio in North America, particularly in the prolific Marcellus shale formation in northeastern U.S. as well as in clean power.
“This transaction is highly transformative for our company by increasing both our scale and breadth of quality assets, while maintaining our corporate DNA,” said Harris.