Nexen will sell majority units of Canexus Income Fund for a total of $482 million. The Canadian energy company will sell 74.5 million of trust units at $6.40 per unit. The fund will not receive any of the proceeds from the offering.

The underwriters for the transaction are Scotia Capital and CIBC World Markets. Nexen’s current nominees to the board of directors of Canexus, the administrator of the fund, will resign from their positions as directors of the company.

Click here for the release from Nexen.