Algonquin enters into agreement to acquire New Brunswick Gas
Algonquin Power & Utilities Corp. (APUC) announced that its subsidiary Liberty Utilities (Canada) LP (Liberty Utilities) has entered into an agreement to purchase Enbridge Gas New Brunswick Limited Partnership (New Brunswick Gas), a subsidiary of Enbridge Inc., along with its general partner for C$331 million (US$243 million), subject to certain customary adjustments.
New Brunswick Gas is a regulated utility that provides natural gas to approximately 12,000 customers in 12 communities across New Brunswick, and operates approximately 800 km of natural gas distribution pipeline.
The financing plan for the transaction is expected to be consistent with APUC's current credit profile and investment grade credit ratings. Closing of the Transaction is expected to occur within the first half of 2019 and remains subject to customary closing conditions, including the receipt of regulatory and government approvals.
The transaction is not expected to affect New Brunswick Gas customers or the rates paid for service.
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