Gibson Energy has sold its Canadian Truck Transportation business for $100 million. With the sale of the Canadian Truck Transportation business, Gibson has successfully completed all of the non-core divestitures announced at its January 2018 Investor Day for approximately $325 million. The sale is part of its strategy to focus on its Alberta oil storage and handling assets.
“We are pleased to announce the sale of Canadian Truck Transportation, concluding our non-core disposition process for total proceeds in-line with our initial expectations,” said Steve Spaulding, President and Chief Executive Officer.
“Through these divestitures, we have focused our business around our core energy infrastructure assets, significantly high-graded our quality of cash flows and have ensured that we are fully-funded for all growth projects currently under construction. Each of these factors, as part of the continued execution of our strategy, has enabled Gibson to reach an important milestone with the company’s first Investment Grade rating.”
Trimac Transportation has agreed to pay $70 million for the trucking assets and a Trimac affiliate is to pay $30 million for property in Edmonton containing a field office and shop, with the deals expected to close mid-2019.
For more information visit www.gibsonenergy.com