AltaGas Canada Inc., the Public Sector Pension Investment Board (PSP Investments), and the Alberta Teachers' Retirement Fund Board (ATRF) have concluded a definitive arrangement agreement with ACI for the indirect acquisition all of the issued and outstanding common shares of the company in an all-cash transaction for CAD33.50 (US$25.64) per Common Share.

The Arrangement Agreement provides for the payment by ACI of a CAD38 million (US$29 million) termination fee if the Arrangement Agreement is terminated in certain specified circumstances and for the payment by the Consortium of a CAD38 million (US$29 million) termination fee if the Arrangement Agreement is terminated in certain specified circumstances.

In addition to shareholder approval, the closing of the Arrangement is also subject to the approval by the Court of Queen's Bench of Alberta and to certain regulatory approvals, including approval under the Competition Act (Canada), approval from the Alberta Utilities Commission and approval from the British Columbia Utilities Commission. The parties expect to close the Arrangement in the first half of 2020.