Benzinga | Jun 7, 2021 04:31PM EDT

Enbridge To Sell Interest In Noverco For $1.14B

Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) announced today that a subsidiary of Enbridge has entered into a definitive agreement to sell its 38.9% non-operating minority ownership interest in Noverco Inc. (Noverco) to Trencap L.P. for $1.14 billion in cash, net of Noverco non-recourse debt assumed by Trencap L.P. This represents a valuation of approximately 29x reported 2020 GAAP earnings of $39 million.