Vancouver headquartered Canada’s leading resource company Teck Resources has agreed to sell its 21.3% interest in the Fort Hills Energy Limited Partnership and certain associated downstream assets to Suncor Energy for gross proceeds of approximately CAD 1 billion in cash, subject to customary closing adjustments reflecting a November 1, 2022 effective date. The transaction value is consistent with the current outlook for the Fort Hills business reflected in the most recent in-depth review of Fort Hills conducted by Suncor and the resulting long-range plan for the project.Closing of the transaction is subject to customary conditions including receipt of relevant regulatory approvals, and is expected to occur in the first quarter of 2023.RBC Capital Markets and J.P. Morgan Securities Canada have acted as financial advisors to Teck in connection with this transaction.
Vancouver headquartered Canada’s leading resource company Teck Resources has agreed to sell its 21.3% interest in the Fort Hills Energy Limited Partnership and certain associated downstream assets to Suncor Energy for gross proceeds of approximately CAD 1 billion in cash, subject to customary closing adjustments reflecting a November 1, 2022 effective date. The transaction value is consistent with the current outlook for the Fort Hills business reflected in the most recent in-depth review of Fort Hills conducted by Suncor and the resulting long-range plan for the project.Closing of the transaction is subject to customary conditions including receipt of relevant regulatory approvals, and is expected to occur in the first quarter of 2023.RBC Capital Markets and J.P. Morgan Securities Canada have acted as financial advisors to Teck in connection with this transaction.
