Business News • MarketWire • Canada Pension Plan Investment Board and Vermilion Energy Inc. Announce Strategic Partnership in Corrib |
Canada Pension Plan Investment Board and Vermilion Energy Inc. Announce Strategic Partnership in Corrib |
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Canada Pension Plan Investment Board and Vermilion Energy Inc. Announce Strategic Partnership in Corrib
TORONTO, ONTARIO and CALGARY, ALBERTA--(Marketwired - July 12, 2017) - Canada Pension Plan Investment Board ("CPPIB") and Vermilion Energy Inc. ("Vermilion") (TSX:VET)(NYSE:VET) are pleased to announce a strategic partnership in the Corrib Natural Gas Field in Ireland ("Corrib"), whereby CPPIB will acquire Shell Exploration Company B.V.'s ("Shell") 45% interest in the project, with Vermilion operating the assets after completion of the acquisition. Through its wholly owned subsidiary, CPP Investment Board Europe S.a.r.l., CPPIB has entered into a definitive purchase and sale agreement with Shell, to acquire 100% of Shell E&P Ireland Limited ("SEPIL"), which holds Shell's 45% interest in Corrib (the "Acquisition") for total cash consideration of EUR830 million, subject to customary closing adjustments and future contingent value payments based on performance and realized pricing. The Acquisition, which remains subject to customary conditions and receipt of all necessary government consents, has an effective date of January 1, 2017 with closing anticipated in the first half of 2018.
View More : http://www.marketwired.com/mw/release.do?id=2225773&sourceType=3
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