Emera Inc. in the sale of its interest in the Labrador Island Link

Osler advised Emera Inc. in the sale of its minority equity interest in the Labrador Island Link, a critical energy transmission asset in Newfoundland and Labrador, to Kohlberg Kravis Roberts & Co. for a total transaction value of $1.19 billion. The transaction value was made up of $957 million in cash and the assumption of an obligation to fund Emera’s remaining initial capital investment of $235 million.

Proceeds from the transaction will be used by Emera to reduce its corporate debt and support investment opportunities in its regulated utility business, and Emera will remain involved in the LIL by continuing to provide sustaining capital investments to support ongoing operations.

The Osler deal team included John Macfarlane, Kai Sheffield, Amy Sigurdson, Min Oh, Diana Windrim and Kiana Blake (Corporate), Rocco Sebastiano and Cole Tavener (Commercial/Infrastructure), David Davachi and Jean-Philippe Dionne (Tax) and Kaeleigh Kuzma and Zach Rudge (Competition).