NEW YORK, N.Y., Sept. 22, 2014 (GLOBE NEWSWIRE) -- Global Infrastructure Partners ("GIP"), a leading independent global infrastructure investor, announced today that one of its funds, Global Infrastructure Partners I, has agreed to sell its 50% interest in the Ruby Pipeline to Veresen Inc. ("Veresen") (TSE: VSN) for $1.425 billion in cash (the "Transaction"). The Transaction is subject to customary closing conditions.
Adebayo Ogunlesi, Chairman and Managing Partner of GIP, said, "Over the past five years, together with our strategic partners – first El Paso Corporation and then Kinder Morgan, Inc. – we have had the privilege of being involved in the development and operation of the Ruby Pipeline, a critical U.S. infrastructure asset that delivers natural gas from the Rockies to markets in California, Nevada and the Pacific Northwest. We are proud to have helped develop and place into service this first carbon neutral U.S. pipeline. GIP has valued our strategic relationship with our Ruby Pipeline partners and we congratulate Veresen on the Transaction."
Credit Suisse acted as exclusive financial advisor to GIP.
About Global Infrastructure Partners
Global Infrastructure Partners ("GIP") is an independent infrastructure fund that invests in infrastructure assets and businesses in both OECD and select emerging market countries. GIP targets investments in single assets and portfolios of assets and companies in power and utilities, natural resources infrastructure, air transport infrastructure, seaports, freight railroad, water distribution and treatment and waste management. GIP has offices in New York and London, with an affiliate in Sydney and portfolio company operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.
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Source:Global Infrastructure Partners