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10 January 2012

Farris Client Pacific Northern Gas Ltd. Acquired by AltaGas Ltd. For $139million

December 20, 2011 – Farris represented Pacific Northern Gas Ltd. (“PNG”) in the recent acquisition of all of the issued and outstanding common shares by AltaGas Utility Holdings (Pacific) Inc., an indirect wholly-owned subsidiary of AltaGas Ltd., for aggregate cash consideration of $139,139,322 (an enterprise value of approximately $230,000,000 including assumed debt), being an equity value of $36.75 per common share.

PNG supplies gas to approximately 40,000 residential, commercial and industrial customers and their pipeline extends some 587 kilometres from Summit Lake, BC, to the west coast of BC at Prince Rupert. The acquisition will grow AltaGas’ Utility business to over 110,000 customers and increase rate base to over $500 million.

The Farris team comprised of Al Hudec, Trevor Scott, Denise Nawata and Peter Roth (securities), David Selley (competition), Rebecca Morse (litigation) and Sandy Sheinin and Mark Chu (tax).

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