Veresen Inc. ("Veresen") (TSX:VSN) is pleased to announce it has closed the previously announced sale of the gas-fired power assets. The company continues to expect the sale of its remaining power assets to be completed during the second quarter of 2017.
Each of the agreements is subject to closing adjustments and conditions customary in transactions of this nature, including the receipt of all necessary approvals. The company expects to update its 2017 guidance for the divestiture of the power business once all of the transactions have closed.
About Veresen Inc.
Veresen is a publicly-traded dividend paying corporation based in Calgary, Alberta that owns and operates energy infrastructure assets across North America. Veresen is engaged in three principal businesses: a pipeline transportation business comprised of interests in the Alliance Pipeline, the Ruby Pipeline and the Alberta Ethane Gathering System; a midstream business which includes a partnership interest in Veresen Midstream Limited Partnership, which owns assets in western Canada, and an ownership interest in Aux Sable, which owns a world-class natural gas liquids (NGL) extraction facility near Chicago, and other natural gas and NGL processing energy infrastructure; and a power business comprised of a portfolio of assets in Canada. Veresen is also developing Jordan Cove LNG, a six million tonne per annum natural gas liquefaction facility proposed to be constructed in Coos Bay, Oregon, and the associated Pacific Connector Gas Pipeline. In the normal course of business, Veresen regularly evaluates and pursues acquisition and development opportunities.