Canada's Altagas to buy natural gas assets from Tidewater for $650 MM

8/31/2023

(Reuters) - Canada's Altagas has agreed to buy some natural gas assets from Tidewater Midstream and Infrastructure for $650 MM, the companies said on Thursday.

Under the agreement, Altagas will acquire the Pipestone Natural Gas plant, Dimsdale natural gas storage facility and the associated pipeline systems required to operate these assets.

Tidewater said it will use the net proceeds for general purposes, including the repayment of a credit facility.

The deal is expected to close in the fourth quarter of this year.