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Share Name | Share Symbol | Market | Type |
---|---|---|---|
KKR and Company Inc | NYSE:KKR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.24 | 3.41% | 98.25 | 98.33 | 94.65 | 95.85 | 3,224,973 | 23:57:28 |
Veresen Inc. (FCGYF, VSN.T) and Kohlberg Kravis Roberts & Co. (KKR.XX) have reached an agreement to buy some natural-gas assets in Canada's Montney region from Encana Corp. (ECA, ECA.T) and Mitsubishi Corp.'s Cutbank Dawson Gas Resources Ltd.
The two companies, under the joint partnership Veresen Midstream Limited Partnership, have agreed to spend up to 5 billion Canadian dollars (about $4.29 billion) to expand the operations in the Montney region in northeastern British Columbia under a 30-year fee-for-service arrangement.
The deals, expected to close in the first quarter, would give Veresen Midstream about 500 kilometers of gas-gathering pipelines and 675 million cubic feet per day of compression capacity in the Dawson region along with a 200 MMcf/d Saturn compression station that is under construction and other construction work in progress.
This infrastructure currently gathers Encana and CRP's Montney gas production and delivers it to various processing facilities, including Veresen's Hythe and Steeprock plants.
Veresen said it would fund its equity position in the partnership through the Hythe/Steeprock assets, valued at C$920 million(or about $790.2 million), with Veresen Midstream refunding the amount above its C$500 million position ($429.4 million). KKR, meanwhile, will contribute C$500 million in cash.
Under the agreement, Encana would--at least initially--continue to manage construction and operations under a contract with Veresen Midstream.
Veresen said the deal wouldn't affect its per-share profit projection for the year.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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