BRIEF-Husky Energy to sell partial interest in select midstream assets for $1.7 bln

Mon Apr 25, 2016 7:19pm EDT
 
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April 25 (Reuters) - Husky Energy Inc :

* Husky energy to sell partial interest in select midstream assets for $1.7 billion

* Will receive $1.7 billion of gross cash proceeds

* Husky will have a 35 percent interest in assets and will remain operator

* RBC capital markets and HSBC Securities (Canada) Inc. Acted as financial advisors and Torys Llp acted as legal advisor to husky

* Board appointed a committee of independent directors of board to review and assess transaction given related party nature

* Deal under which 65 percent ownership interest in select midstream assets in Lloydminster region of Alberta and Saskatchewan will be sold

* New limited partnership will be formed of which husky will own 35 percent, Cheung Kong infrastructure 16.25 percent, PAH 48.75 percent

* Assets involved in deal include about 1,900 km of pipeline in Lloydminster region, 4.1 million barrels of oil storage capacity at Hardisty

* Says ownership in assets to be sold to Cheung Kong infrastructure holdings limited and power assets holdings ltd Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)