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  • Husky Energy to Sell Partial Interest in Select Midstream Assets for USD1.7 Billion
    édité le 26/04/2016 - Plus de news de "Husky Energy" - Voir la fiche entreprise de "Husky Energy"


Husky Energy to Sell Partial Interest in Select Midstream Assets for USD1.7 Billion
Husky Energy has reached an agreement under which 65 percent of its ownership interest in select midstream assets in the Lloydminster region of Alberta and Saskatchewan will be sold to Cheung Kong Infrastructure Holdings Limited and Power Assets Holdings Limited (PAH).

Husky will receive $1.7 billion of gross cash proceeds, will have a 35 percent interest in the assets and will remain operator. The sale price represents about 13 times the expected 2016 EBITDA of approximately $180 million.

"We set a high bar for this transaction," said CEO Asim Ghosh. "It was important to realize full value for these assets and to maintain operatorship and preserve the tight integration between our heavy oil production, marketing and refining assets. We sought partners who shared these objectives and who viewed these as top tier assets that provide considerable growth potential."

The partners are aligned with expanding Husky's heavy oil business and have the funding capacity to build the midstream infrastructure requirements associated with the planned construction of additional Lloyd thermal projects in Saskatchewan and Alberta.

"This transaction unlocks significant value and supports our objective of strengthening the balance sheet," said Ghosh.

The assets involved in this transaction include approximately 1,900 kilometres of pipeline in the Lloydminster region, 4.1 million barrels of oil storage capacity at Hardisty and Lloydminster, and other ancillary assets. A new limited partnership will be formed of which Husky will own 35 percent, Cheung Kong Infrastructure 16.25 percent and PAH 48.75 percent.

The transaction is subject to regulatory approval.

RBC Capital Markets and HSBC Securities (Canada) Inc. acted as financial advisors and Torys LLP acted as legal advisor to Husky. The Board of Directors of Husky appointed a committee of independent Directors of the Board to review and assess the transaction given the related party nature. The committee was advised by BMO Capital Markets as an independent financial advisor, who also provided a fairness opinion to the committee and the Board of Directors of Husky, and Osler, Hoskin & Harcourt LLP as legal advisor.

About Husky Energy

Husky Energy (TSX: HSE) is one of Canada's largest integrated energy companies. It is headquartered in Calgary, Alberta, Canada and its common shares are publicly traded on the Toronto Stock Exchange under the symbol HSE.

About Cheung Kong Infrastructure

Cheung Kong Infrastructure is a global infrastructure company which has diversified investments in Energy Infrastructure, Transportation Infrastructure, Water Infrastructure, Waste Management, Waste-to-Energy and Infrastructure Related Business. It has operations in Hong Kong, Mainland China, the United Kingdom, the Netherlands, Portugal, Australia, New Zealand and Canada.

About PAH

PAH is a global investor in energy businesses investing in electricity generation, transmission and distribution, renewable energy and gas distribution with investments in Mainland China, the United Kingdom, the Netherlands, Portugal, Australia, New Zealand, Canada and Thailand. In its home city Hong Kong, PAH's flagship investment, HK Electric -- established in 1889, is a power utility supplying electricity to Hong Kong Island and Lamma Island.


Origine : Communiqué Husky Energy

Voir la fiche entreprise de "Husky Energy"



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