December 11, 2012 TORONTO, ONTARIO--(Marketwire - Dec. 11, 2012) - Borealis Infrastructure, the infrastructure investment arm of the OMERS pension plan, has entered into an agreement to sell its 33% stake in Express Pipeline System to Spectra Energy Corp for gross proceeds of approximately USD 430 million.
Express Pipeline is a 2,763-kilometre crude oil pipeline system running from Hardisty, Alberta to Wood River, Illinois. It transports Alberta crude through to the Rockies and Alberta and U.S. crude further onto Wood River, a major Midwest oil refining hub. An affiliate of Kinder Morgan Energy Partners, L.P., a leading pipeline transportation and energy storage company, operates Express Pipeline.
Spectra Energy is acquiring 100% of Express Pipeline from its current shareholders being affiliates of Borealis, the Ontario Teachers' Pension Plan and Kinder Morgan.
"Express Pipeline was one of our first significant capital investments and has been an excellent asset for Borealis since 2003. It is a great example of our focus on creating long-term value for OMERS," said Michael Rolland, president and CEO of Borealis. "We are happy to be selling to an established U.S. and Canadian operator like Spectra and excited about the potential to redeploy our capital in large-scale, global infrastructure assets."
The transaction is subject to standard consents and regulatory approvals and is expected to close in the second quarter of 2013.
Borealis worked with financial advisors Morgn Stanley and CIBC World Markets and legal advisors Sullivan & Cromwell LLP and Torys LLP.
About Borealis Infrastructure
Borealis Infrastructure is a leader in direct infrastructure investing with over a decade of investment experience and almost CAD 20 billion in capital under management. Borealis invests in and manages a diversified portfolio of large-scale infrastructure assets exhibiting stability and strong cash flows, in sectors including energy, transportation and government-regulated services. It has offices in Toronto, London and New York. Borealis is the infrastructure investment arm of the OMERS Worldwide group of companies. OMERS is one of Canada's largest pension funds with net assets of more than CAD 55 billion and an AAA credit rating. For more information please visit www.borealis.ca or www.omers.com.
May 19, 2020
OMERS Announces Closing of First Telecom Investment in Germany
February 10, 2020
OMERS and EQT Acquire Deutsche Glasfaser
November 25, 2019
SFR FttH Investors Applaud Expansion Through Covage Acquisition
November 14, 2019
OMERS Infrastructure Announces Sale of Hospital and Long-Term Care Facility Portfolio to Plenary Gro
June 11, 2019
OMERS BETEILIGT SICH AN DER VTG AG