RTTNews | Feb 2, 2021 08:00AM EST

07:58 Tuesday, February 2, 2021 (RTTNews.com) - Brookfield Infrastructure (BIP, BIP.UN.TO) announced Tuesday 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 Brookfield are expected to be approximately $950 million.

This transaction further demonstrates continued strong execution on Brookfield's capital recycling plans, with the proceeds from the sale expected to accretively fund a large component of its annual growth investment target of $2 billion. Each transaction is subject to customary closing conditions and closing is expected to occur in mid-2021.

Read the original article on RTTNews ( https://www.rttnews.com/3165906/brookfield-infrastructure-to-divest-north-american-district-energy-business-for-4-1-bln.aspx)

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