Business
Tidewater announces successful closing of the Pioneer Pipeline sale to ATCO and results of Tidewater's annual general and special meeting
Tidewater announces successful closing of the Pioneer Pipeline sale to ATCO and results o...
About this update from Tidewater Midstream & Infrastructure Ltd.
[{"type":"text","content":"\n \n \n \n Tidewater announces successful closing of the Pioneer Pipeline sale to ATCO and results of Tidewater's annual general and special meeting\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: LEFT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\ntable p, #divContent table p\n{\nmargin: 0px;\nmargin-left: 3.8px;\nfont-size: 8pt !important;\nfont-family: Arial;\ncolor: black;\nmargin-right: 0pt;\n}\ntable th, #divContent table th\n{\nfont-weight: unset !important;\ntext-align: unset !important;\nvertical-align: unset !important;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Successful closing of Pioneer Pipeline sale to ATCO\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n June 30, 2021\n \n /CNW/ - Tidewater Midstream and Infrastructure Ltd. (\"\n \n Tidewater\n \n \" or the \"\n \n Corporation\n \n \") (TSX: TWM), together with its partner TransAlta Corporation (\"\n \n TransAlta\n \n \"), is pleased to announce that it has closed its previously announced sale of the Pioneer Pipeline (the \"\n \n Pioneer Transaction\n \n \") to ATCO Gas and Pipelines Ltd. (\"\n \n ATCO\n \n \") for gross proceeds of\n \n $255 million\n \n .  Tidewater received net cash proceeds of\n \n $135 million\n \n which includes: the sale of certain ancillary assets to TransAlta that closed concurrently with the Pioneer Transaction; and, cash consideration for certain budgeted restoration work completed by Tidewater at TransAlta's cost. The Pioneer Pipeline will be integrated into the Nova Gas Transmission Ltd. (\"\n \n NGTL\n \n \") and ATCO\n \n Alberta\n \n integrated natural gas transmission systems to provide reliable natural gas supply to TransAlta's power generating units at\n \n Sundance\n \n and Keephills.  Tidewater will use the proceeds from this disposition to accelerate its deleveraging plan and to repay...