AltaGas Ltd. announced on November 3, 2025, and completed on November 7, 2025, a bought deal public offering of 11,615,000 common shares at $39.65 per share, generating gross proceeds of approximately $460 million. The transaction included the full exercise of an over-allotment option for 1,515,000 shares, bringing the total above the initially proposed 10,100,000 shares outlined in the prospectus supplement dated November 5, 2025.

The offering was conducted through a syndicate led by CIBC Capital Markets, TD Securities Inc., RBC Capital Markets, and Scotiabank. Additional members included BMO Nesbitt Burns Inc., National Bank Financial Inc., Merrill Lynch Canada Inc., Wells Fargo Securities Canada, Mizuho Securities Canada Inc., ATB Securities Inc., Peters & Co. Limited, J.P. Morgan Securities Canada Inc., Morgan Stanley Canada Limited, and Tudor, Pickering, Holt & Co. Securities – Canada ULC. Torys LLP served as legal counsel to AltaGas, while Blake, Cassels & Graydon LLP advised the underwriters.

Net proceeds will be allocated toward leverage reduction and funding future growth. The offering was executed in conjunction with AltaGas' decision to retain its Mountain Valley Pipeline ownership as a long-term investment. The Toronto Stock Exchange conditionally approved the listing, subject to fulfillment of requirements by February 3, 2026.