CPPIB-backed Wolf to acquire Access Pipeline stake for $1.4 bln
Wolf Midstream Inc has agreed to acquire a 50 percent ownership interest in Access Pipeline, a system of pipelines that transport blended bitumen and diluent across Alberta, for $1.4 billion. The seller is Devon Energy Corp. The deal follows Wolf's partnership with Canada Pension Plan Investment Board, announced last September, to establish a midstream investment vehicle focused on opportunities in Western Canada. The Access Pipeline acquisition, expected to close in the third quarter, will be backed by a CPPIB investment of $825 million and third-party debt financing. Access Pipeline is one of three recent deals involving Canadian energy companies backed by CPPIB.
14 July 2016•2 mins read
