ANCHORAGE- The Canadian company TriSummit Utilities Inc. will be purchasing the largest natural gas utility in the US state of Alaska, a deal worth over $800 million.
AltaGas Ltd, the owners of the utility, announced on Thursday that the sale will encompass the ENSTAR Natural Gas company, as well all of its pipelines and ownership in a gas storage facility. Enstar was purchased by AltaGas in 2012.
The massive sale will give AltaGas the room it needs to reduce its debts and make larger investments in its other operations, according to company president Randy Crawford. ENSTAR has seen a 1% growth in customers in the past few years.
TriSummit stated their plans to “retain all of ENSTAR’s dedicated employees and hire new Alaska employees to perform certain functions currently performed out of state,” following the sale. The subdivision has around 200 employees.
“Our top priority is ensuring a smooth transition, maintaining the strong relationships ENSTAR has in its communities, and to fully support ENSTAR as they continue to provide customers with safe, reliable and affordable service,” CEO Jared Green stated. He was once the owner of ENSTAR.
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