Tidewater Midstream and Infrastructure has completed the acquisition of Husky Energy’s 12,000 barrel-per-day Prince George Refinery for $215 million in cash, plus a closing adjustment of approximately $53.5 million.
Proceeds of the sale will be used in accordance with Husky’s funding priorities, which include maintaining the strength of the balance sheet and returning value to shareholders through a sustainable cash dividend.
The transaction includes a contingent payment to Husky of up to $60 million over two years. The Company has entered into a five-year offtake agreement with Tidewater for refined products from the refinery, located in Prince George, B.C.
For more information visit www.huskyenergy.com