Brookfield Infrastructure’s Sale of North American District Energy Business for $4.1 Billion
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Brookfield Infrastructure completed deals totalling US$4.1 billion to sell Enwave, its North American district energy business. The company says Ontario Teachers' Pension Plan and Australian firm IFM Investors have agreed to buy Enwave's Canadian business.
Enwave's U.S. business is being sold to Australian investment manager QIC and U.S. firm Ullico.
Net proceeds to Brookfield Infrastructure are expected to be US$950 million.
Enwave, which provides heating and cooling for buildings from a central plant, was acquired by Brookfield Infrastructure in 2012 from the City of Toronto and Borealis, the infrastructure investment arm of the OMERS pension plan.
The business operates in 13 major cities with more than 800 customers under long-term contracts.