ACO.Y ATCO Ltd

ATCO today announced that it has signed a conditional agreement to acquire
Western Australia Gas Networks (WAGN) from WestNet Infrastructure Group. WAGN is
the natural gas distribution utility company that serves the City of Perth and
surrounding areas.


"In April 2010, our Board of Directors approved an Australian growth strategy
modeled after ATCO's existing Canadian enterprise of diverse yet complementary
businesses," said Nancy Southern, President & Chief Executive Officer, ATCO
Group. "The acquisition of Western Australia Gas Networks is an important step
towards achieving this strategy. Driven by natural resource development, the
utility is situated in the heart of one of the fastest growing economies in the
world and complements our existing portfolio of energy infrastructure assets in
Australia."


The terms of the arrangement will see ATCO acquire a 74.1 per cent interest in
WAGN from WestNet Infrastructure Group through AET&D Holdings No 1 Ltd. ATCO
will acquire the remaining 25.9 per cent interest in WAGN from DUET Group,
giving ATCO 100 per cent ownership in the company. The asset will become a 100
per cent owned subsidiary of Canadian Utilities, an ATCO company.


The aggregate purchase price of the proposed acquisition, including transaction
costs, is approximately A$1.0 billion, including the assumption of approximately
A$644 million of debt. The balance of the aggregate purchase price will be
funded with existing cash reserves.


WAGN connects more than 620,000 customers through 12,800 km of natural gas
pipelines and associated infrastructure. It provides service throughout the
Perth metropolitan area including Mandurah, as well as the surrounding regions
of Geraldton, Bunbury, Busselton, Kalgoorlie, Albany, Harvey, Pinjarra,
Brunswick Junction and Capel.


Included in the acquisition is WestNet Infrastructure Group's information
technology division, a supplier of information technology services to key
utility companies within AET&D Holdings.


The proposed acquisition is subject to approval from the Australian Foreign
Investment Review Board, approval of certain former holders of exchangeable
preference shares of WestNet Infrastructure Group, the concurrent sale to third
parties of interest in other assets within WestNet Infrastructure Group as well
as other customary conditions. The proposed acquisition is anticipated to close
in the third quarter of 2011.


"We have been patient with our capital and diligent in our exploration of
opportunities," added Ms. Southern. "Western Australia Gas Networks is the right
company in the right geography. I am satisfied we can maintain our strong
balance sheet and continue to invest in previously identified and new projects,
delivering long term, sustainable growth to our shareowners."


ATCO Australia provides services in Australia under the following segments: the
Power Division, the Energy Infrastructure Division and Operations Division, and
workforce housing, facilities management and modular building solutions,
provided by ATCO Structures & Logistics.


ATCO Australia operates three progressive power generation plants in the
country: Osborne Cogeneration Facility located in Adelaide, South Australia,
Bulwer Island Cogeneration Facility located in Brisbane, Queensland and the new
energy efficient Karratha Power Plant located in the Pilbara region of Western
Australia. ATCO Australia is 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 www.atco.com.


Forward-Looking Information:

Certain statements contained in this news release may constitute forward-looking
statements. Forward-lookingstatements 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
Corporations' 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.

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