Nov 13 U.S. private equity fund Advent
International will buy a minority stake in Colombia's Ocensa oil
pipeline for $1.1 billion from Canadian oil firm Talisman Energy
Inc, France's Total SA and Madrid-based
Cepsa, the Wall Street Journal reported citing people familiar
with the matter.
Under the agreement, Advent will get a 22 percent stake in
one of the largest oil pipelines in Colombia by capacity, the
Apart from Advent, TransCanada Corp and Enbridge
Inc were also interested in buying the minority stake
in Ocensa, the newspaper reported.
The deal, which was managed by JPMorgan Chase and
Credit Suisse, is expected to be announced next week as Ocensa
board is likely to approve it, WSJ reported. ()
Talisman has a 12 percent stake in Ocensa, while the
participation of Cepsa and Total is each 5 percent, the
The sale represents Talisman's latest attempt to cut costs
and boost its share price after activist investor Carl Icahn
took a stake in the struggling oil producer last month and said
that he intended to discuss strategic alternatives with the
Last week the company said it would sell a stake in some of
its natural gas assets in British Columbia's Montney field to
Malaysia-controlled Progress Energy Canada Ltd for C$1.5 billion
($1.43 billion) a part of the company's plan to raise between $2
billion and $3 billion from asset sales this
The company also said last week that it will look for a
partner to help develop its properties in the emerging Duvernay
shale field in Alberta as it reconsiders plans to sell its
holdings in the northern portion of the field.
Talisman and Advent could not be reached by Reuters outside
of regular U.S. business hours.