Aug 31 (Reuters) - Algonquin Power & Utilities Corp AQN.TO
* Algonquin Power & Utilities - unit entered into agreement with Enbridge Gas Distribution Inc to acquire St. Lawrence Gas Company Inc
* Algonquin Power & Utilities Corp - will finance transaction using cash on hand and existing credit facilities
* Algonquin Power & Utilities Corp - proposed transaction is structured as a stock purchase in exchange for a cash purchase price of U.S. $70 million