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Transat500on Sep 22, 2020 9:13am
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The news
The news Inter Pipeline Enters Agreement to Sell Majority of its European Storage Business
Canada NewsWire
CALGARY, AB, Sept. 22, 2020
Sep 22, 2020 (CNW Group) --
CALGARY, AB, Sept. 22, 2020 /CNW/ - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today that it has entered into a definitive agreement to divest a major portion of its European bulk liquid storage business to the CLH Group, the leading bulk liquid product logistics company in Europe. Proceeds from the transaction will be £420 million, or approximately $715 million at current exchange rates, before customary closing adjustments. The transaction is expected to be completed in the fourth quarter of 2020, subject to the satisfaction of closing conditions and regulatory approvals typical for the industry.