Idemitsu, AltaGas To Pay $842M For 2/3 Stake In Petrogas

Law360, New York (October 25, 2013, 3:51 PM EDT) -- Japanese oil refiner Idemitsu Kosan Co. Ltd. and Canadian power company AltaGas Ltd. will spend a combined CA$880 million (US$842 million) to acquire two-thirds of all outstanding shares of Canadian oil and gas company Petrogas Energy Corp. through a 50-50 joint venture, the companies announced Thursday.

The investment will be made by AltaGas Idemitsu Joint Venture LP, which will become a 66 percent shareholder of Petrogas, a Canadian company specializing in energy supply, logistics and marketing, with operations in Canada and the United States.

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