AltaGas Ltd. announced the sale of its Alaskan Utilities to TriSummit Utilities Inc. for CAD1 billion (US$800 million). The deal, expected to close by the first quarter of 2023, includes AltaGas' full interest in ENSTAR Natural Gas, the Alaska Pipeline Company, a 65% interest in Cook Inlet Natural Gas Storage Alaska, and other operations. The sale reflects 2.3 times the 2021 rate base and 29 times the 2021 allowed earnings. Randy Crawford, AltaGas' CEO, expressed confidence in TriSummit as the new steward, highlighting the potential for capital recycling to fund growth investments. Jared Green, CEO of TriSummit, looked forward to incorporating ENSTAR's team and maintaining its service quality. The transaction will concentrate AltaGas' utilities in the Eastern U.S., which are poised for significant growth. Proceeds from the divestiture are earmarked for debt reduction and to fuel AltaGas' growth in Utilities infrastructure upgrades and its Global Exports and Midstream platform. The sale is part of AltaGas' strategy to reduce leverage while funding expansion, with an estimated deleveraging impact of CAD$985 million net of expected cash taxes. AltaGas' 2022 guidance remains unchanged, with normalized EPS guidance of CAD 2.46 - CAD2.67 ($1.80 - $1.95) and Normalized EBITDA guidance of CAD2.05 billion - CAD2.12 billion ($1.50 billion - $1.55 billion). The transaction was approved by the boards of both companies and is not contingent on financing, with TriSummit having secured full financing commitments. RBC Capital Markets, LLC and Scotiabank served as co-financial advisors, and Torys LLP as legal advisors to AltaGas for the transaction.