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Alaska approves AltaGas acquisition of Enstar parent company

Alaska Dispatch

According to the Calgary Herald, on Wednesday, Alberta, Canada-based energy company AltaGas Ltd announced that it has received final regulatory approval for the acquisition of Semco Holdings, which was first announced in February of 2012.

Semco, the parent of Alaska's Enstar Natural Gas Company, also has interest in the regulated natural gas storage utility Cook Inlet Natural Gas Storage Alaska, LLC and is the sole shareholder of Michigan-based regulated utility Semco Energy.

In a statement released this week, chief executive of AltaGas David Cornhill said that the company is "pleased to have received the final regulatory approval for (the) transaction," and thrilled to have "the support … (of) regulators in both Michigan and Alaska."

Cornhill added that AltaGas sees the acquisition as a milestone in their vision to "be one of North America's leading energy infrastructure companies."

The Regulatory Commission of Alaska has sent all acquisition approvals to AltaGas. The sale is worth $1.135 billion and is expected to close August 30, 2012.

Read more from the Calgary Herald, here, and read the press release, here.