Sale: Enbridge sells stake in Spanish pipeline
Enbridge sells stake in Spanish pipeline
Pipeline operator Enbridge has agreed to sell its minority stake in a Spanish petroleum products pipeline company for about €876 million ($1.37 billion) in cash.
The buyers of the 25% stake in Compania Logistica de Hidrocarburos are subsidiaries of Deutsche Bank, the Public Sector Pension Investment Board, Stichting Pensioenfonds Zorg en Welzijn and AMP Capital Investors, said the Associated Press.
Toronto-based Enbridge, which disclosed in February it was considering alternatives for the asset, received "a very attractive pre-emptive offer from the buying group", chief executive Patrick Daniel said in a statement.
Closing is set for next month. No further details were disclosed.
Enbridge will use the cash raised in the sale for projects in North America.