AltaGas announced an agreement to sell its Alaskan Utilities to TriSummit Utilities for $800 million. The sale price represents 2.3 times the 2021 rate base and 29 times the 2021 allowed earnings. The transaction is anticipated to close no later than the first quarter of 2023 and will be subject to customary closing conditions, including state regulatory approvals.
"We are pleased to have the opportunity to monetize the Alaskan Utilities at a compelling valuation," said Randy Crawford, president and CEO at AltaGas. "We believe the valuation reflects the strong long-term performance of the Alaskan platform, which has a long history of delivering safe, reliable and affordable energy to its customers, operating with an industry-leading safety record and driving positive outcomes for all of its stakeholders. We believe that TriSummit will be an excellent steward to the Alaskan Utilities' stakeholders in the next chapter of its corporate life, along with the continued direction
