Power Assets Holdings Limited (SEHK:6) and Cheung Kong Infrastructure Holdings Ltd. completed the acquisition of 65% interest in Lloydminster assets from Husky Energy Inc..
Power Assets Holdings Limited will appoint two Directors, Cheung Kong Infrastructure Holdings Ltd. will appoint two Directors and Husky Energy Inc. will appoint four Directors. The transaction is subject to regulatory approval and financing package. The Board of Directors of Husky appointed a committee of independent Directors of the Board to review and assess the transaction. The transaction is expected to close on July 15, 2016. Platinum Securities Company Limited acted as financial advisor to Power Assets. BMO Capital Markets acted as financial advisor and also provided a fairness opinion to the committee and the Board of Directors of Husky. Osler, Hoskin & Harcourt LLP acted as legal advisor for the committee and the Board of Directors of Husky. RBC Capital Markets and HSBC Securities (Canada) Inc. acted as financial advisors and David Cuschieri, Peter Danner, Amy Maginley, Kevin Fougere, David Kolesar and Omar Wakil of Torys LLP acted as legal advisor to Husky. RBC Capital Markets acted as financial advisor for Husky. Blake, Cassels & Graydon LLP acted as financial advisor for Husky Energy Inc. Vincent A. Mercier and Evan Griffith of Davies Ward acted as legal advisors to BMO Capital. Chrysten Perry, Kurtis Reed, Brandon Leitch, Zhuo Chen, Brian Hansen, Leland Corbett, David Weekes, Allison Sears, David Price, Michael Dyck, Catherine Grygar and Anousheh Torabi of Stikeman Elliott LLP acted as legal advisor to Cheung Kong Infrastructure Holdings Limited and Power Assets. Canadian Imperial Bank of Commerce acted as financial advisor to Cheung Kong Infrastructure Holdings Limited .
Power Assets Holdings Limited (SEHK:6) and Cheung Kong Infrastructure Holdings Ltd. (SEHK:1038) completed the acquisition of 65% interest in Lloydminster assets from Husky Energy Inc. (TSX:HSE) on July 15, 2016.