Energy Transfer Sells Its 51% Interest in Energy Transfer Canada
March 01 2022 - 8:40AM
Dow Jones News
By Chris Wack
Energy Transfer LP said it is selling its 51% interest in Energy
Transfer Canada ULC to a joint venture, which includes
participation by Pembina Pipeline Corp. and global infrastructure
funds managed by KKR & Co., at a valuation of $1.3 billion,
including debt and preferred equity.
The company said it expects to see cash proceeds of $270 million
from the sale, subject to certain purchase price adjustments.
The transaction is expected to close by the third quarter of
2022.
Energy Transfer said the agreement allows it to divest its
Canadian assets to further deleverage its balance sheet and use the
capital within its U.S. footprint.
Energy Transfer Canada, based in Calgary, is one of Alberta's
largest licensed gas processors. Its assets include six natural gas
processing plants that have a combined operating capacity of 1.29
billion cubic feet per day and a network of 848 miles of natural
gas gathering and transportation infrastructure in the Western
Canadian Sedimentary Basin.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 01, 2022 08:25 ET (13:25 GMT)
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