On July 5, 2022, Idemitsu Canada Corporation, a subsidiary of Idemitsu Kosan Co., Ltd., closed the $285 million acquisition of Idemitsu’s 25.97 percent equity ownership in Petrogas Energy Corp. by AltaGas Ltd., a Calgary-based energy infrastructure firm. Petrogas is now wholly-owned by AltaGas. Idemitsu and AltaGas will continue to assess the potential for future collaborations on prospective energy transition projects.
Idemitsu engages in petroleum products, lubricants, asphalt, oil and gas development, renewable energy, coal, petrochemicals, and electronic materials. AltaGas is a North American energy infrastructure company that connects customers and markets to affordable and reliable sources of energy.
McCarthy Tétrault LLP advised Idemitsu with a team led by Kerri L. Howard that included Ashley Urch and Jamie Gibb (Business).
Burnet, Duckworth and Palmer LLP advised AltaGas with a team led by Bronwyn Inkster that included Colleen Konkin (Securities) and Kirk Lamb (Tax).