Ontario Teachers’ Pension Plan (Teachers’) is selling its one-third interest in Express Pipeline System to Spectra Energy Corp. for approximately $430 million.
Teachers’ partners in Express System—Borealis Infrastructure and Kinder Morgan Energy Partners, L.P.—are also selling their interests to Spectra Energy. It is anticipated this transaction will close in the first half of 2013 after regulatory approvals have been obtained.
“The Express Pipeline System was one of Teachers’ earliest infrastructure investments and has been a good investment for the fund,” said Stephen Dowd, Teachers’ senior vice-president, infrastructure and timberland. “We have had a positive relationship with our partners, Borealis and Kinder Morgan, and we will continue to look at future opportunities in the pipeline sector.”
Teachers’ Infrastructure Group currently manages an international portfolio of approximately $11 billion, including water and waste water, electricity distribution, gas distribution, airports, power generation, high-speed rail, port facilities and timberland.