The Public Sector Pension Investment Board and the Alberta Teachers’ Retirement Fund Board are acquiring all issued and outstanding common shares of AltaGas Canada Inc.

The Canadian company holds natural gas distribution utilities, as well as renewable power generation assets.

In the transaction, the cash offering of $33.50 per common share is an approximate 31 per cent premium on AltaGas’ closing price as of Oct. 18, 2019. The deal puts the company value at around $1.7 billion.

Read: PSP acquiring Australian agriculture firm for A$854 million

“We are very pleased to have entered into an agreement to acquire ACI in partnership with ATRF,” said Patrick Samson, managing director and head of infrastructure at PSP Investments, in a press release. “ACI’s business comprises a diversified portfolio of high-quality regulated natural gas utilities and long-dated contracted renewable power assets that are well aligned with our long-term investment strategy. We look forward to supporting the company, its management team and all of its stakeholders as ACI continues to grow and succeed.”

Currently, the deal is subject to shareholder approval, as well as certain regulatory approvals by the Alberta government.

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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