TORONTO, ONTARIO--(Marketwired - Aug. 31, 2017) - Enbridge Gas Distribution Inc. ("Enbridge Gas Distribution") announced today that it has entered into a definitive agreement for the sale of St. Lawrence Gas Company, Inc. ("St. Lawrence Gas") and its subsidiaries to Liberty Utilities Co. ("Liberty Utilities"), a wholly owned subsidiary of Algonquin Power & Utilities Corp., for a cash sale price of U.S. $70 million, minus total third-party debt of St. Lawrence Gas at closing, and subject to customary working capital adjustments. Closing of the transaction remains subject to certain required regulatory approvals and other customary closing conditions, and is expected to occur in 2018.
"The sale of St. Lawrence Gas aligns with our strategic priorities and enhances our competitiveness, while helping maintain a sustainable foundation upon which we can deliver our long-term growth plans," said Jim Sanders, president, Enbridge Gas Distribution.
Employees, customers and suppliers of St. Lawrence Gas can expect business as usual as Enbridge Gas Distribution works with Liberty Utilities to successfully complete the transition of ownership.
St. Lawrence Gas operates and maintains 685 miles of natural gas distribution pipeline in St. Lawrence, Lewis and Franklin counties in New York State, to serve its 16,003 customers.
About Enbridge Gas Distribution Inc.
Enbridge Gas Distribution Inc. has a more than 165-year history and is Canada's largest natural gas distribution company. It is owned by Enbridge Inc., a Canadian-based leader in energy transportation and distribution. Enbridge Gas Distribution distributes natural gas to over two million customers in Ontario.
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