Enbridge Exiting Quebec, Vermont Natural Gas Distribution Business
Calgary-based Enbridge Inc. is exiting the natural gas distribution business in Quebec and Vermont with the sale of its stakes in Noverco Inc.
The Calgary-based pipeline and utility conglomerate agreed to sell for C$1.14 billion ($912
million) its 38.9% share to Trencap LP. Trencap now has 100% of the company as it was majority owner with a 61.1% stake.
Enbridge was able to “opportunistically monetize this nonstrategic financial investment in Noverco at an attractive valuation and surface this value for our shareholders,” said CFO Colin Gruending.
Noverco indirectly owns Quebec-based Énergir LP, which has interests primarily in gas distribution and power distribution in Quebec and Vermont.