Davies acted as Canadian counsel to Enbridge Inc., a leading North American energy infrastructure company, in the sale of its 38.9% minority ownership interest in natural gas distributing company Noverco Inc. to Trencap L.P. for $1.14 billion in cash, net of non-recourse debt assumed by Trencap.
Trencap, a consortium led by Caisse de dépôt et placement du Québec, will own Noverco and its subsidiary Énergir (formerly known as Gaz Métro), Québec's main natural gas distributor.
The transaction is expected to close in early 2022, subject to regulatory approvals and customary closing conditions.
The Davies team advising on the transaction included Michel Gélinas, Elise Beauregard, Charles Larose Jodoin and Tyson Lowrie (M&A); Sébastien Roy (Capital Markets); Anita Banicevic (Competition); Marie-Claude Bellemare, Alexandria Pike and Robyn Barabash (Environmental); and Michael Kandev (Tax).