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Carlyle/Riverstone Global Energy and Power Fund to buy EnCana

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NVMojo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-10-06 05:30 PM
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Carlyle/Riverstone Global Energy and Power Fund to buy EnCana
March 7, 2006

EnCana Corporation and certain affiliates have agreed to sell substantially all of their gas storage business interests to the Carlyle/Riverstone Global Energy and Power Fund for approximately $1.5bn after adjustments.

The sale of this non-core asset is part of EnCana's previously announced divestiture programme, according to a statement.

In addition to the gas storage divestiture, EnCana is in the process of concluding the $350m sale of the Chinook oil discovery offshore Brazil to Hydro. It has also sold its Entrega Pipeline in Colorado to Kinder Morgan Energy Partners and Sempra Pipelines & Storage for approximately $240m. Including EnCana's recent $1.42bn sale of its Ecuador interests, EnCana expects to realise net proceeds, after cash taxes, of approximately $3.3bn from these four asset sales. The company plans to use these proceeds to pay down debt and purchase shares under its Normal Course Issuer Bid.


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http://www.altassets.com/news/arc/2006/nz8272.php
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