AltaGas Ltd. (TSX:ALA) entered into a definitive agreement to acquire Pipestone Assets from Tidewater Midstream and Infrastructure Ltd. (TSX:TWM) for CAD 650 million on August 30, 2023. Total consideration of CAD 650 million is comprised of CAD 325 million in cash and the issuance of 12.5 million AltaGas common shares to Tidewater, priced at CAD 26.07, based on AltaGas? The transaction is expected to be five percent EPS accretive in 2025 forward while being 0.1x net debt to normalized EBITDA credit accretive in 2025 forward. AltaGas and Tidewater Midstream have entered into an agreement to create a new joint venture (the ?Pipestone Joint Venture?) to advance the final steps required to develop and construct the project. The Pipestone Joint Venture will be conveyed to AltaGas upon closing of the Transaction. Prior to the close of the Transaction, Tidewater will acquire the remaining 15% joint venture interest in the Pipestone Partnership. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close prior to 2023 year-end. The Transaction is expected to be completed in the fourth quarter of 2023. Subsequent to the announcement, AltaGas has received all material regulatory approvals, including Competition Act approval, and is currently working on other condition precedents to close the transaction. The Transaction has been unanimously approved by the boards of directors of both Tidewater Midstream and AltaGas. RBC Capital Markets are acting as financial advisors and Burnet Duckworth & Palmer LLP are acting as legal advisors to AltaGas on the transaction.

AltaGas Ltd. (TSX:ALA) completed the acquisition of Pipestone Assets from Tidewater Midstream and Infrastructure Ltd. (TSX:TWM) on December 22, 2023. Following the completion of key de-risking milestones, AltaGas has also declared a positive finalinvestment decision ("FID") on the Pipestone Phase II expansion project.