TransCanada To Sell Cancarb - Quick Facts

(RTTNews) - Energy infrastructure company TransCanada Corp. (TRP, TRP.TO) has agreed to sell Cancarb Ltd. and its related power generation facility to Tokai Carbon Co., Ltd. for aggregate gross proceeds of $190 million, plus customary adjustments. The transaction may close late in the first quarter of 2014.

The Cancarb divestiture and its waste heat recovery power plant, located in Medicine Hat, Alberta, allows TransCanada to capitalize on current market conditions and better align its asset base with the company's strategic direction, which is focused on large-scale pipeline and power generation projects in Canada, the U.S. and Mexico.

TransCanada's president and chief executive stated: "The proceeds from this sale will help fund TransCanada's unprecedented capital growth plan that includes $38-billion in new projects to be completed by the end of the decade."

J.P. Morgan Securities LLC acted as the exclusive financial advisor on the transaction. TransCanada acquired Cancarb in 1981.