Feb 21 Canadian energy company Veresen Inc
said on Tuesday it would sell its power generation
business, its largest division, for $1.18 billion in three
The Calgary-based company, which owns energy infrastructure
assets in Canada and the United States, said it would sell the
division and use the proceeds to fund growth projects.
The sale, which is expected to close in the second quarter
of 2017, will also allow Veresen to strengthen its balance
sheet, as well as focus on its pipeline and midstream
The company owns 50 percent of a joint venture with New
York-based private equity firm KKR & Co LP called
Veresen Midstream, a natural gas midstream business focused on
the Montney region, which straddles the Alberta-British Columbia
TD Securities Inc is the company's sole financial adviser on
this divestiture. The company didn't name the buyers.
(Reporting by Komal Khettry in Bengaluru; Edited by Martina