CIBC Capital Markets and Fasken acted as the exclusive financial and legal advisors, respectively, to Fortis.
Fortis completes sale of Aitken Creek natural gas storage facilities in British Columbia. (Credit: Rudy and Peter Skitterians from Pixabay)
Fortis Inc. (“Fortis” or the “Corporation”) (TSX/NYSE: FTS) announced that FortisBC Holdings Inc. has completed the sale of its 93.8% interest in the Aitken Creek Natural Gas Storage Facility in British Columbia and its 100% interest in the Aitken Creek North Gas Storage Facility (collectively “Aitken Creek”) to a subsidiary of Enbridge Inc. (TSX/NYSE: ENB) for approximately $400 million plus working capital and closing adjustments, following the satisfaction of all regulatory requirements.
As indicated earlier this year, the sale of Aitken Creek further strengthens our balance sheet and provides additional funding flexibility to support our regulated utility growth strategy.
CIBC Capital Markets and Fasken acted as the exclusive financial and legal advisors, respectively, to Fortis.
Source: Company Press Release