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CQ Energy Canada to be sold to consortium for C$722M


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CQ Energy Canada to be sold to consortium for C$722M

A consortium composed of MIE Holdings Corp., Can-China Global Resource Fund and Mercuria agreed to buy the Canadian exploration and production joint venture CQ Energy Canada Partnership, in which Centrica Plc holds a 60% stake, for C$722 million.

Centrica's share of the net proceeds would be about £240 million after adjustments, according to a June 9 news release. The deal would allow the British utility company to focus its E&P operations on European assets. The company also previously divested its gas assets in Trinidad and Tobago.

CQ Energy Canada is a private company that provides natural gas production services and is a subsidiary of Direct Energy Resources Partnership. The deal, subject to shareholder and regulatory approvals under the Canadian Competition Act and the Investment Canada Act, is scheduled to close in the second half of 2017.