Brookfield Infrastructure Completes Sale of North American District Energy Business for $4.1 Billion
July 16 2021 - 5:34PM
Brookfield Infrastructure (NYSE: BIP; TSX: BIP.UN) today announces
that it has completed the sale of 100% of its North American
district energy business, Enwave. The business has been divested
through two separate transactions for total consideration of $4.1
billion on an enterprise value basis. Enwave’s Canadian business
was acquired by Ontario Teachers’ Pension Plan Board and IFM
Investors on June 7, 2021, and Enwave’s U.S. business was acquired
by QIC and Ullico on July 16, 2021. Net proceeds to BIP are
approximately $1 billion. We have earned an IRR of over 30% on our
investment and a multiple of invested capital of over six times.
Brookfield Infrastructure made its first
district energy investment in 2012 and subsequently developed the
business into the largest district energy system in North America.
As a result of the company’s asset management initiatives, the
business generates stable and predictable cash flows, has a unique
and highly attractive investment profile, and is a global leader in
sustainability.
With the completion of this transaction,
Brookfield Infrastructure’s corporate liquidity totals
approximately $4 billion, which will be used towards growth
initiatives.
Scotiabank and TD Securities acted as joint
financial advisors to Brookfield Infrastructure and Goodmans LLP
and Mayer Brown LLP acted as legal advisors.
Brookfield Infrastructure is a
leading global infrastructure company that owns and operates
high-quality, long-life assets in the utilities, transport,
midstream and data sectors across North and South America, Asia
Pacific and Europe. We are focused on assets that have contracted
and regulated revenues that generate predictable and stable cash
flows. Investors can access its portfolio either through Brookfield
Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN), a
Bermuda-based limited partnership, or Brookfield Infrastructure
Corporation (NYSE, TSX: BIPC), a Canadian corporation. Further
information is available at www.brookfield.com/infrastructure.
Brookfield Infrastructure Partners is the
flagship listed infrastructure company of Brookfield Asset
Management, a global alternative asset manager with over US$600
billion of assets under management. For more information, go to
www.brookfield.com.
For more information, please contact:
Media:Claire HollandSenior Vice President,
CommunicationsTel: (416) 369-8236 Email:
claire.holland@brookfield.com |
Investors:Kate WhiteManager, Investor Relations
Tel: (416) 956-5183Email: kate.white@brookfield.com |
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