Acquisition Expands ATCO's Presence in Australia
CALGARY, ALBERTA--(Marketwire - July 29, 2011) -ATCO today successfully concluded its acquisition of the Western Australia-based WA Gas Networks (WAGN) from WestNet Infrastructure Group. WAGN is the natural gas distribution utility company that serves metropolitan Perth and surrounding regions.
ATCO has acquired a 74.1 per cent interest in WAGN from WestNet Infrastructure Group through AETD Holdings No 1 Ltd, and the remaining 25.9 per cent interest in WAGN from DUET Group, giving ATCO 100 per cent ownership. WAGN is now a 100 per cent owned subsidiary of Canadian Utilities, an ATCO company.
The aggregate purchase price of the acquisition, including transaction costs, was approximately A$1.0 billion, including the assumption of approximately A$644 million of debt. The balance of the aggregate purchase price was funded from existing cash reserves.
WAGN connects more than 620,000 customers through 12,800 km of natural gas pipelines and associated infrastructure. It provides service throughout the Perth metropolitan area including Mandurah, as well as the surrounding regions of Geraldton, Bunbury, Busselton, Kalgoorlie, Albany, Harvey, Pinjarra, Brunswick Junction and Capel.
Included in the acquisition is WestNet Infrastructure Group's information technology division, a supplier of information technology services to utility companies.
ATCO Australia provides services through its Power, Energy Infrastructure and Operations Divisions, and operates three progressive power generation plants in the country. It also offers workforce housing, facilities management and modular building solutions through ATCO Structures Logistics. More information can be found at www.atcoaustralia.com.au.
ATCO Australia is part of the ATCO Group of Companies. ATCO Group, with more than 8,000 employees and assets of approximately $11 billion, delivers service excellence and innovative business solutions worldwide with leading companies engaged in Utilities (pipelines, natural gas and electricity transmission and distribution), Energy (power generation, natural gas gathering, processing, storage and liquids extraction), Structures Logistics (manufacturing, logistics and noise abatement) and Technologies (business systems solutions). More information can be found at www.atco.com.
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