PSP, Alberta Teachers’ complete purchase of AltaGas Canada
The Public Sector Pension Investment Board and the Alberta Teachers’ Retirement Fund Board have completed the purchase of all 30,000,000 common shares of AltaGas Canada Inc.
Through the all-cash transaction, which was announced in October 2019, each share was sold for $33.50, coming to a total of $1.005 billion. AltaGas will now be known as TriSummit Utilities Inc.
The two pension funds will also be sending representatives to join the company’s board of directors. From the PSP, Sam Langleben and Patrick Chabot, both directors of infrastructure investments, will join the board, along with Jason Munsch, head of infrastructure at the ATRF.
Read: PSP, Alberta Teachers’ to buy Canadian natural gas and renewables company
“I am pleased to see good continuity with the board of directors and management and welcome the new directors,” said David Cornhill, chair of the AltaGas Canada board, in a press release. “Finally, I would like to congratulate the team at [AltaGas Canada], PSP Investments and ATRF on the completion of the arrangement, which I believe is a positive outcome for all stakeholders.”
PSPIB Cycle Investments Inc., a wholly-owned subsidiary of TriSummit Cycle Holding Inc., made the purchase. Both companies were set up for this arrangement. The PSP holds a majority indirect economic interest in TriSummit Cycle Holding Inc, while the ATRF holds a minority indirect economic interest.
Read: PSP subsidiary starts development consultations for Toronto property