AltaGas Ltd agreed to acquire Pacific Northern Gas Ltd for about C$230 million ($231.7 million) in cash.AltaGas, which is involved in natural gas extraction and transmission, energy services and power generation, will pay C$36.75 a share, which is a premium of 20.5 percent to Pacific Northern stock's close on Friday.In February, Pacific Northern, which delivers natural gas to customers in west-central British Columbia, had sold its 50 percent stake in Pacific Trail -- a 300-mile joint venture pipeline originating at Summit Lake, British Columbia.
AltaGas Ltd. (AltaGas), formerly AltaGas Income Trust, is an energy infrastructure business with a focus on natural gas, power and regulated utilities. Shares of ALA remained unchanged at $29.92. In the past year, the shares have traded as low as $20.04 and as high as $28.67. On average, 224794 shares of ALA.TO exchange hands on a given day and today's volume is recorded at 361730.
Pacific Northern Gas Ltd. and its wholly owned subsidiary Pacific Northern Gas (N. Shares of PNG remained unchanged at $30.50. In the past year, the shares have traded as low as $23.29 and as high as $32.96. On average, 2167 shares of PNG.TO exchange hands on a given day and today's volume is recorded at 6670.
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