Canadian energy company Athabasca Oil Corp. has divested its Leismer infrastructure assets to energy transportation company Enbridge Inc. for C$265 million ($197.74 million) cash consideration.
The infrastructure assets include Leismer pipelines and the Cheecham storage terminal. The assets serve the Leismer oil sands and Corner projects in Athabasca’s thermal oil business in Alberta.
The proceeds from the sale will strengthen Athabasca’s liquidity, cut net debt and boost the company’s financial flexibility.
Enbridge anticipated the deal to offer the company synergies as the assets are connected with its existing terminal and pipeline assets in the region.