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CALGARY, A.B. -AltaGas Ltd. is buying U.S. power and utility company WGL Holdings Inc. in a deal worth $8.4-billion.

The Calgary-based company says the deal will position it as a leading diversified energy infrastructure firm in North America.

Under the terms of the agreement, WGL shareholders would receive US$88.25 in cash per WGL share, which represents an 11.8 per cent premium to WGL’s closing share price on Tuesday.

AltaGas says the transaction represents a total value of $8.4 billion, including the assumption of approximately C$2.4 billion of debt.

“We look forward to welcoming WGL employees and customers to AltaGas,” said David Harris, President and CEO of AltaGas. “This acquisition provides us with a robust, complementary set of energy businesses that greatly increase our scale and diversity. Our first priority in making this successful is to continue serving WGL’s customers and communities with safe, reliable and affordable service and maintaining the strong relationships WGL has built with regulators.”

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