AltaGas Acquires SEMCO

AltaGas Ltd. (“AltaGas”) acquired SEMCO Holding Corporation from Continental Energy Systems LLC (“Continental Energy”) for US$1.135 billion.

This acquisition of US utilities in Michigan and Alaska marks a significant milestone in AltaGas' history. AltaGas is an energy infrastructure business.

AltaGas financed the acquisition through a combination of new and existing sources, including a new US$300 million non-extendible revolving credit facility provided by a syndicate of lenders led by the Toronto-Dominion Bank.

AltaGas was represented by Dennis Dawson, Michael Halpen and Shaheen Amirali with assistance from a Stikeman Elliott LLP team that included Chris Nixon, Brad Grant, Keith Chatwin, Leland Corbett, Kyle Banbury, Kelly Galloway (M&A) and David Weekes (tax); and from a Dykema Gossett PLLC team that included Rex Schlaybaugh, William Kregel (M&A); Al Ernst, Shaun Johnson (energy); Steve Grob, William Lentine (tax) and Margaret Hunter (employee benefits).

Continental Energy was represented by Cravath, Swaine & Moore LLP with a team that included Andrew Thompson, Scott Abramowitz, Christopher Couvelier, Manoj Ramachandran, Annmarie Terraciano, Curtis Tiffany (M&A); Michael Schler, Leonard Teti, Matthew Williams (tax); Jennifer Conway, Michael Krasnovsky, Jarrett Hoffman and Michelle Garrett (pensions & benefits).