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| Home : Inter Pipeline to Acquire Remaining Interest in the Cold Lake Pipeline System and Announces New Oil Sands Transportation Agreement |
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Dec 13
2016 |
Inter Pipeline to Acquire Remaining Interest in the Cold Lake Pipeline System and Announces New Oil Sands Transportation Agreement |
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CALGARY, ALBERTA--(Marketwired - Dec. 12, 2016) - Inter Pipeline Ltd. ("Inter Pipeline")(TSX:IPL) announced today that it has entered into an agreement to acquire Canadian Natural Resources Limited's ("Canadian Natural") 15 percent interest in the Cold Lake pipeline system for $527.5 million, subject to closing adjustments. As a result, Inter Pipeline will own 100% of the Cold Lake pipeline system. Canadian Natural will receive $350 million in cash and $177.5 million through the issuance of 6,417,740 Inter Pipeline common shares in consideration for its Cold Lake ownership interest. The transaction is expected to close before the end of the year and is subject to customary closing conditions. |
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| Source:http://www.marketwired.com/mw/release.do?id=2182417&sourceType=3 |
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