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AltaGas Ltd. has announced plans to spin off some of its assets to a new company called AltaGas Canada Inc., while retaining a significant minority equity interest in the business after its initial public offering.
The new firm will hold the company's Canadian rate-regulated natural gas distribution utility assets and contracted wind power in Canada, as well as a roughly 10 per cent indirect equity interest in the Northwest Hydro Facilities in B.C.
AltaGas Canada will be led by an independent management team.
AltaGas says it expects to hold approximately 37 to 45 per cent of AltaGas Canada at the close of its initial public offering. It will also have three nominees on AltaGas Canada's seven-member board.
The company expects to use to use the proceeds from the AltaGas Canada IPO to help repay debt related to its acquisition of Washington, D.C.-based energy utility company WGL Holdings, Inc., which closed in July.
Earlier this week, AltaGas signed deals to sell about $560 million worth of natural gas midstream assets and power generating assets to two buyers that will also be used to reduce debt.
