AltaGas Ltd has announced that it has completed the acquisition of 25.97% stakes in Petrogas Energy Corp from Idemitsu Canada Corporation. AltaGas now owns 100% of Petrogas.

The total value of the transaction is CAD285 million (US$218.78 million) and it intends to focus on connecting customers and markets while reducing Asian Carbon Intensity. 

Burnet, Duckworth & Palmer LLP acted as legal counsel to AltaGas on the transaction. McCarthy Tétrault LLP acted as legal counsel and BMO Capital Markets acted as financial advisor to Idemitsu on the transaction.