Benzinga | Feb 2, 2021 07:35AM EST

Brookfield Infrastructure Announces Sale Of North American District Energy Business For $4.1B

BROOKFIELD, News, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Brookfield Infrastructure (NYSE:BIP, TSX:BIP) today announced that it has signed definitive agreements to sell 100% of its North American district energy business, Enwave. The business will be divested through two separate transactions for total consideration of $4.1 billion on an enterprise value basis. Ontario Teachers' Pension Plan Board and IFM Investors have agreed to acquire 100% of Enwave's Canadian business. Concurrently, QIC and Ullico have agreed to acquire 100% of Enwave's U.S. business. Net proceeds to BIP are expected to be approximately $950 million.