TORONTO, ONTARIO--(Marketwire - March 14, 2013) - Borealis Infrastructure, the infrastructure investment arm of the OMERS pension plan, has completed the previously announced sale of its 33% interest in Express-Platte Pipeline System (Express-Platte Pipeline) to Spectra Energy Corp (Spectra Energy) for gross proceeds of approximately USD 430 million.
"Express-Platte Pipeline has been an excellent investment for Borealis Infrastructure, through which it has created significant value for OMERS and the opportunity to redeploy capital in large-scale, global infrastructure assets," said Michael Rolland, President and CEO of Borealis Infrastructure.
Express-Platte Pipeline is a 2,763-kilometre crude oil pipeline system running from Hardisty, Alberta to Wood River, Illinois. It transports Alberta crude through to the Rockies and Alberta and U.S. crude further on to Wood River, a major Midwest oil refining hub.
Borealis Infrastructure's partners in the investment, Kinder Morgan Energy Partners L.P., and the Ontario Teachers' Pension Plan, also sold their interests in Express-Platte Pipeline to Spectra Energy.
About Borealis Infrastructure
Borealis Infrastructure is a leader in direct infrastructure investing with over a decade of investment experience. Borealis manages approximately CAD 10 billion in OMERS equity capital through investments in a diversified portfolio of large-scale infrastructure assets exhibiting stability and strong cash flows, in sectors including energy, transportation and government-regulated services. It has offices in Toronto, London and New York. Borealis is the infrastructure investment arm of OMERS, one of Canada's largest pension funds with net assets of more than CAD 60 billion and an AAA credit rating. For more information please visit www.borealis.ca or www.omers.com.