Teachers’ completes sale of Express-Platte Pipeline System stake
TORONTO – Ontario Teachers' Pension Plan (Teachers') today announced that it has completed the previously announced sale of its one-third interest in Express-Platte Pipeline System (Express-Platte Pipeline) to Spectra Energy Corp (Spectra Energy) for approximately $430 million.
Teachers' partners in Express-Platte Pipeline, Borealis Infrastructure and Kinder Morgan Energy Partners, L.P., also sold their interests to Spectra Energy. Teachers' acquired its interest in 2003 through its Infrastructure Group.
The Express-Platte Pipeline consists of two crude oil pipelines. The 1,717-mile (2,763-kilometre) integrated oil transportation network connects Canadian and U.S. producers to refineries in the Rocky Mountain and Midwest regions of the U.S.
Teachers' Infrastructure Group manages an international portfolio of approximately $9 billion, including water and wastewater, electricity distribution, gas distribution, airports, power generation, high-speed rail and port facilities.
With $117.1 billion in assets as of December 31, 2011, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 300,000 active and retired teachers in Ontario. For more information visit www.otpp.com.