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AltaGas to buy Alaska natural gas utility for more than $1.1 billion
CALGARY, Alberta (AP) ' AltaGas Ltd. has agreed to pay more than $1.1 billion for natural gas businesses in Alaska and Michigan, which it says are a good fit with its own assets and part of a strategy of becoming a top North American energy infrastructure company.
The Calgary-based gas processor and pipeline operator said Wednesday it has agreed to buy SEMCO Energy of Port Huron, Michigan, from Continental Energy Systems LLC, another Michigan company.
SEMCO owns a regulated natural gas distribution company in Alaska through ENSTAR Natural Gas and part ownership of a gas storage terminal being built in Alaska. It also has gas distribution and storage businesses in Michigan.
ENSTAR is the largest natural gas distributor in Alaska, serving 132,000 mostly residential customers.