$6.4 Billion Sale of WGL Holdings to AltaGas

January 25, 2017

Cleary Gottlieb is representing Goldman Sachs as financial advisor to WGL Holdings, Inc. in its sale to AltaGas Ltd. for $6.4 billion in cash.

The transaction, announced on January 25, 2017, is expected to close in the second quarter of 2018, subject to WGL shareholder approval, clearances by the relevant regulatory authorities and certain other closing conditions. Under the terms of the merger agreement, WGL shareholders will receive $88.25 in cash per WGL share, which represents a premium of 27.9 percent to WGL’s closing share price on November 28, 2016.

WGL, headquartered in Washington, D.C., is a leading source for clean, efficient and diverse energy solutions. WGL provides natural gas, electricity, green power and energy services, including generation, storage, transportation, distribution, supply and efficiency.

AltaGas, a Canadian corporation, is a North American diversified energy infrastructure business with a focus on natural gas, power and regulated utilities. AltaGas creates value by acquiring, growing and optimizing its energy infrastructure.