Veresen, KKR close $760 mln acquisition of Encana's natural gas assets

Veresen Midstream LP, a partnership owned equally by Veresen Inc (TSX: VSN) and U.S. private equity firm Kohlberg Kravis Roberts & Co (KKR), has closed its buy of natural gas assets from Encana Corp and Cutbank Ridge Partnership (CRP). The deal, which was announced in December, reflected a purchase price of about $760 million. The payment to Encana totaled $461 million, according to the company's statement. As part of the transaction, the acquirer has agreed to undertake up to $5 billion of new midstream expansion for Encana and CRP in the Montney region of northeastern British Columbia. The Veresen Midstream acquisition was one of 2014's largest Canadian private equity deals.

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