Financial institution Caisse de dépôt et placement du Québec has agreed to acquire a 16.55 percent interest in Colonial Pipeline Co. and Colonial Ventures. The third-largest U.S. integrated energy company ConocoPhillips is the seller in the agreement.
The Canadian institutional fund manager will pay a total of $850 million for the acquisition. The transaction, pending Colonial Pipeline shareholders’ approval, is expected to close during the first quarter of 2012.
Click here for the release from Caisse de dépôt et placement du Québec.