Spectra Energy Corp (NYSE:SE) stock was picking up pace with 0.71% during Monday session after the company recently declared that its indirect subsidiary Westcoast Energy Inc has moved into a definitive deal to sell its ownership rights in Spectra Energy’s Canadian natural gas liquids (NGL) business to Plains Midstream Canada ULC for a cash buying price of almost C$200 million plus customary closing adjustments.
This divestiture strengthens Spectra Energy’s plan to focus on investing in stable, fee-based natural gas infrastructure in Western Canada. The Empress NGL business has treated them well over the last decade and monetizing it at this time benefits their investors and lets Empress to continue providing on its successful track record,” Greg Ebel stated, president and chief executive officer, Spectra Energy.
Subject to customary regulatory approvals and other closing conditions, the transaction is expected to close during the first half of the year.
This release consists of “forward-looking statements” within the boundaries of applicable securities laws, consisting of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements show their intentions, plans, predictions, assumptions and beliefs about future events. Such statements are dependent on risks, uncertainties and other factors, several of which are outside our control and could cause actual results to fluctuate materially from the results uttered or implied by those forward-looking statements. Those factors include the timing and success of the completion of the acquisition and the timing and receipt of required regulatory approvals. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. We undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.