Enstar Natural Gas Co., Alaska’s top natural gas distributor, would get a new Canadian corporate owner in an $800 million sale announced Thursday.

In an all-cash transaction, TriSummit Utilities Inc. would acquire Anchorage-based Enstar from AltaGas Ltd. The deal between the buyer and seller, both Calgary-based, is expected to close in early 2023 following regulatory review.

AltaGas’ President Randy Crawford said the deal would “monetize” the 150,000-customer Alaska asset “at a compelling valuation” that enables his firm, as the seller, to reduce debt and cover future growth expenses.

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“Our top priority is to ensure a very...