AltaGas and SAM Holdings Ltd have entered a definitive agreement with respect to the put process surrounding Petrogas Energy Corp, which was originally announced on 2 January, 2020.

Pursuant to the agreement, AltaGas is indirectly acquiring an additional 37 percent of Petrogas’ equity for total consideration of approximately $715 million.

This consideration includes the acquisition of 4,751,733 shares of Petrogas and incorporates working capital normalisation and certain other factors.

Post-closing, AltaGas’ indirect ownership in Petrogas will increase to approximately 74 percent, with Idemitsu Kosan Co Ltd owning the remaining approximate 26 percent.

Upon closing AltaGas plans to fully consolidate Petrogas’ financial results, where previously the company only captured Petrogas’ historical performance through an equity pick up via AltaGas’ non-controlling interest and preferred dividends received.

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19th October 2020