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June 30 (Reuters) - Canadian oil producer Cenovus Energy Inc said it would sell its royalty business, Heritage Royalty Limited Partnership, to Ontario Teachers' Pension Plan.
The decision to sell the business was made after considering several alternatives including an initial public offering, Cenovus said in a statement on Tuesday.
Cenovus said it expects gross cash proceeds of about $3.3 billion. It was not immediately clear if the amount was in Canadian dollars or U.S. dollars.
Heritage Royalty holds about 4.8 million gross acres of royalty interest and mineral fee title lands in Alberta, Saskatchewan and Manitoba, Cenovus said. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio D'Souza)