Spectra Energy To Sell Its Empress NGL Unit To Plains Midstream Canada

(RTTNews) - Spectra Energy Corp (SE) announced its indirect subsidiary, Westcoast Energy Inc., has entered into a definitive agreement to sell its ownership interests in Spectra Energy's Canadian natural gas liquids or NGL business to Plains Midstream Canada ULC, a large-scale, experienced operator in the Canadian NGL space, for a cash purchase price of approximately C$200 million plus customary closing adjustments.

The transaction includes Westcoast's Canadian NGL integrated system of assets, consisting of the Empress NGL extraction and fractionation facility, the PTC transmission pipeline, seven NGL terminals and two NGL storage facilities in Western Canada.

Subject to customary regulatory approvals and other closing conditions, the transaction is expected to close during the first half of the year.