MEG Energy to sell assets to CPPIB-backed Wolf for $1.61 bln: Reuters
Canadian oil sands producer MEG Energy Corp said this week it had agreed to sell some pipeline and storage assets in Alberta to Wolf Midstream Inc for $1.61 billion to pay down debt and fund its flagship project in Athabasca, Reuters reported. MEG said it would sell its 50 per cent interest in the Access Pipeline for $1.4 billion and its full interest in the 900,000-barrel Stonefell oil storage facility for $210 million. Wolf Midstream, which formed a partnership with Canada Pension Plan Investment Board in 2015, said in a release that the acquisition will be funded by a CPPIB investment of up to $800 million and third-party debt financing. The deal gives the Calgary midstream company 100 percent ownership of the Access Pipeline.
8 February 2018•2 mins read
