Canada's Encana to sell full stake in PrairieSky for about C$2.6 bln

Mon Sep 8, 2014 4:44pm EDT
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Sept 8 (Reuters) - Canada's Encana Corp said it would sell its entire stake in PrairieSky Royalty Ltd for gross proceeds of about C$2.6 billion ($2.4 billion).

The company said it would sell 70.2 million shares at C$36.50 per share through a bought deal financing, which is expected to close by Sept. 26.

The price represented a 4.2 percent discount to PrairieSky's Monday closing on the Toronto Stock Exchange.

The sale is to underwriters joint bookrun by TD Securities Inc, CIBC, BMO Capital Markets and RBC Capital Markets. ($1 = 1.0969 Canadian dollar) (Reporting by Anannya Pramanick in Bangalore; Editing by Savio D'Souza)