May 11, 2011 08:30 ET

ATCO Announces Australia Arrangement

CALGARY, ALBERTA--(Marketwire - May 11, 2011) - ATCO has confirmed that AET&D Holdings No 1 Ltd and ATCO have entered into exclusive negotiations in relation to a non-binding offer from ATCO and its partners to purchase certain assets of WestNet Infrastructure Group in Australia.

The purchase of the assets by ATCO and its partners will be subject to a due diligence review, the negotiation of definitive agreements, board approval and the receipt of third party and regulatory approvals.

Detailed disclosure will immediately take place if a material transaction occurs.

ATCO Australia currently operates three power generating facilities and is focused on building, acquiring and operating new energy and infrastructure assets. ATCO Australia is a subsidiary of Canadian Utilities, part of the ATCO Group of Companies.

ATCO Group, with more than 7,700 employees and assets of approximately $10 billion, delivers service excellence and innovative business solutions worldwide with leading companies engaged in Utilities (pipelines, natural gas and electricity transmission and distribution), Energy (power generation, natural gas gathering, processing, storage and liquids extraction), Structures & Logistics (manufacturing, logistics and noise abatement) and Technologies (business systems solutions). More information can be found at

Forward-Looking Information:

Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of regulatory decisions, competitive factors in the industries in which the Corporation operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Corporation. The forward-looking statements contained in this news release represent the Corporation's expectations as of the date hereof, and are subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

Contact Information

  • ATCO Ltd.
    B.R. (Brian) Bale
    Senior Vice President & Chief Financial Officer
    (403) 292-7502