Enbridge to sell stake in Noverco for $1.14 billion
(Reuters) -Canadian pipeline operator Enbridge Inc said on Monday it has agreed to sell its minority stake in Noverco Inc to Trencap LP for $1.14 billion in cash.
Noverco indirectly owns Énergir LP, a distributor of natural gas.
Enbridge currently owns 38.9% of Noverco while Trencap, a consortium led by pension fund manager Caisse de dépôt et placement du Québec (CDPQ), owns the rest 61.1%.
RBC Capital Markets acted as financial adviser to Enbridge on the deal, which is expected to close by early 2022.
Enbridge said sale proceeds will initially be used to repay short-term debt.
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