“MPA stood out among the various firms we talked to for its depth of understanding of the regulated utility sector and how regulation impacts valuation metrics. Their team was creative and responsive and went beyond our expectations to meet our needs.”
Patricia Newson, President and CEO
AltaGas Utility Group Inc. was a publicly traded company holding interests in AltaGas Utilities Inc., Heritage Gas Limited and Inuvik Gas Ltd. Combined these regulated natural gas distribution businesses serve more than 71,000 customers in three areas of Canada through an infrastructure of over 20,000 kilometres of pipelines. AUG also holds an interest in the Ikhil Joint Venture which produces and supplies natural gas in Inuvik, Northwest Territories.
Altagas Income Trust completed the acquisition of AUG. The special committee of the board of directors of AUG retained Morrison Park Advisors to provide an independent valuation of the company pursuant to Multilateral Instrument 61-101. The transaction had a number of interesting features, including: conduct of a competitive process in the context of a related party transaction; the return of contested auctions to the M&A market following the capital markets decline of 2008; enhanced valuations in the regulated utility sector; a number of complex valuation issues, including the treatment of minority investments and associated shareholder rights.