​AltaGas closes $8.4 billion acquisition of WGL Holdings

AltaGas CEO David Harris. Image: Joey Podlubny/JWN

AltaGas announced on Monday that it has closed its acquisition of Washington, D.C.-based utility WGL Holdings.

The $8.4 billion transaction sets up AltaGas with significantly expanded operations including eight gas utility franchises, a footprint in both the Montney and the Marcellus/Utica, as well as clean power and energy efficiency assets.

Notably, the deal positions the Calgary-based company to actively participate in energy exports on both coasts of North America, with its ownership interest in the Ridley Island Propane Export Terminal in B.C., and the Cove Point LNG project in Maryland.

Close of the deal follows approval from the Public Service Commission of the District of Columbia, which was secured in May.

WGL CEO Terry McCallister will retire after 18 years with the company, and will join the board of AltaGas, subject to formal approval.