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Centrica Agrees the Sale of its Canadian E&P Business

Source: www.gulfoilandgas.com 6/9/2017, Location: North America

The CQ Energy Canada Partnership, the Canadian E&P joint venture in which Centrica owns a 60% interest, is to be sold to a consortium comprising MIE Holdings Corp, The Can-China Global Resource Fund and Mercuria for a purchase price of C$722 million (£413 million) in cash. Centrica's net share of sale proceeds is expected to be approx. £240 million after adjustments.

In line with its strategy announced in July 2015, the divestment means Centrica's E&P activity will now be focused solely on European assets, with the Group having completed the sale of its gas assets in Trinidad and Tobago in May 2017.

The transaction is subject to customary regulatory approvals, including under the Canadian Competition Act and the Investment Canada Act, and is also subject to approval from MIE's shareholders. The transaction is expected to close in the second half of 2017.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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