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Transaction/Case Details

Spectra Energy sells NGL business to Plains Midstream Canada

DATE CLOSED

August 4, 2016

BUSINESS SECTOR

Oil & Gas

LEAD OFFICE

Vancouver

VALUE

267 Million CAD


OVERVIEW

On April 4, 2016, Spectra Energy Corp. announced plans to sell its natural gas liquids (“NGL”) business in Western Canada to Plains Midstream Canada ULC for C$200 million, plus adjustments for working capital, inventories and derivative contracts. The business includes a NGL extraction facility and fractionator located at Empress, Alberta, a NGL pipeline system running from Empress, Alberta to Winnipeg, Manitoba and underground and above ground NGL storage facilities.

McCarthy Tétrault LLP advised Spectra on all facets of the sale, including with respect to regulatory approvals, employment and pension benefits.  The McCarthy Tétrault LLP team was led by Robin Mahood and Richard Balfour and included Gord Cameron and Nathan Montgomery (corporate); Oliver Borgers and Michele Siu (competition); Donovan Plomp (labour); Lorraine Allard (pensions); TJ Kang and Wendy Brousseau (tax); Gordon Nettleton (regulatory); and Selina Lee-Andersen (environmental).

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