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AltaGas continues to shed assets to pay for WGL purchase

Aug 02, 2019 - SNL Energy Finance Daily
Mergers and Acquisitions-Financial Results

AltaGas Ltd. has continued to shed assets as the Canadian utility and midstream operator reduces debt to help pay for the acquisition of WGL Holdings Inc.

The Calgary, Alberta-based company agreed to sell about C$1.3 billion in noncore businesses in the second quarter, leaving it "just shy" of its 2019 target of C$1.5 billion to C$2 billion in sales, CEO Randy Crawford said on an earnings conference call. The company expected to pare its net debt by approximately C$3 billion by the end of ...