Advertisement
Canada markets close in 3 hours 59 minutes
  • S&P/TSX

    21,811.62
    -64.17 (-0.29%)
     
  • S&P 500

    5,474.69
    -0.40 (-0.01%)
     
  • DOW

    39,131.03
    -38.49 (-0.10%)
     
  • CAD/USD

    0.7302
    +0.0018 (+0.25%)
     
  • CRUDE OIL

    83.20
    -0.18 (-0.22%)
     
  • Bitcoin CAD

    84,724.08
    -1,599.20 (-1.85%)
     
  • CMC Crypto 200

    1,309.73
    -34.78 (-2.59%)
     
  • GOLD FUTURES

    2,335.00
    -3.90 (-0.17%)
     
  • RUSSELL 2000

    2,033.61
    +3.55 (+0.17%)
     
  • 10-Yr Bond

    4.4460
    -0.0330 (-0.74%)
     
  • NASDAQ

    17,895.06
    +15.76 (+0.09%)
     
  • VOLATILITY

    12.12
    -0.10 (-0.82%)
     
  • FTSE

    8,121.20
    -45.56 (-0.56%)
     
  • NIKKEI 225

    40,074.69
    +443.63 (+1.12%)
     
  • CAD/EUR

    0.6799
    +0.0022 (+0.32%)
     

KKR to buy Emera's stake in Canadian energy transmission project for $872 million

FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the NYSE in New York

(Reuters) -Private equity firm KKR would acquire Canadian energy firm Emera's indirect minority stake in the Labrador Island Link (LIL) clean energy transmission project for C$1.19 billion ($872.24 million), the companies said on Tuesday.

Commissioned in 2023, the LIL is a 1,100-kilometer high voltage transmission line that delivers renewable energy to Newfoundland, Nova Scotia and beyond.

The transaction, which is expected to close on or about June 4, is made of C$957 million in cash and C$235 million for taking over Emera's obligation to fund the rest of the initial capital investment.

Proceeds from the deal will be used to reduce Emera's debt and support its investment opportunities in its regulated utility businesses, the companies said.

($1 = 1.3643 Canadian dollars)

(Reporting by Sourasis Bose in Bengaluru; Editing by Arun Koyyur)