AltaGas Joins Canada Buying Spree in U.S. With $4.6 Billion Deal

Add AltaGas Ltd. to the list of Canadian companies that can’t seem to get enough of America’s energy assets.

The Calgary power and gas supplier agreed on Jan. 25 to buy WGL Holdings Inc.—owner of the Washington utility that supplies natural gas to the White House—for $4.6 billion. The takeover will expand its reach in the U.S., where it already owns power plants and two natural gas distributors. The company also plans to invest $1.8 billion in the Marcellus and Utica shale formations of the eastern U.S.

The takeover is yet another testament to the growing interest in natural gas distributors as ...