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Borealis Infrastructure Agrees To Sell Interest In Express Pipeline System To Spectra Energy Corp


Tuesday, 11 Dec 2012 06:10am EST 

Borealis Infrastructure, announced that it has entered into an agreement to sell 33% stake in Express Pipeline System to Spectra Energy Corp for gross proceeds of approximately USD430 million. Express Pipeline is a 2,763-kilometre crude oil pipeline system running from Hardisty, Alberta to Wood River, Illinois. Spectra Energy is acquiring 100% of Express Pipeline from current shareholders being affiliates of Borealis, the Ontario Teachers' Pension Plan and Kinder Morgan. The transaction is expected to close in the second quarter of 2013. Borealis worked with financial advisors Morgan Stanley and CIBC World Markets and legal advisors Sullivan & Cromwell LLP and Torys LLP. 

Company Quote

41.53
0.05 +0.12%
11:48am EDT