Trencap L.P.’s C$1.14 Billion Acquisition of Enbridge Interest in Noverco

Davies acted as Canadian counsel to Enbridge Inc., a leading North American energy infrastructure company, in the sale of its 38.9% minority ownership interest in natural gas distributing company Noverco Inc. to Trencap L.P. for $1.14 billion in cash, net of non-recourse debt assumed by Trencap. McCarthy Tétrault advised Caisse de dépôt et placement du Québec.

Trencap, a consortium led by Caisse de dépôt et placement du Québec, will own Noverco and its subsidiary Énergir (formerly known as Gaz Métro), Québec’s main natural gas distributor.

The transaction is expected to close in early 2022, subject to regulatory approvals and customary closing conditions.

Noverco Inc. operates as an oil producing company. 

Enbridge Inc. (NYSE:ENB)  is a Canadian multinational energy transportation company. 

The Davies team advising on the transaction included Michel Gélinas (Picture), Elise Beauregard, Charles Larose Jodoin and Tyson Lowrie (M&A); Sébastien Roy (Capital Markets); Anita Banicevic (Competition); Marie-Claude Bellemare, Alexandria Pike and Robyn Barabash (Environmental); and Michael Kandev (Tax).

The McCarthy Tétrault team was led by Patrick Boucher and included Louis-Nicolas Boulanger, Mathieu Dubord, Richard O’Doherty and Isabelle Nazon (Business), Dominic Thérien (Competition), Fred Purkey and Marie-Soleil Landry (Tax).

Involved fees earner: Anita Banicevic – Davies Ward Philips & Vineberg; Robyn Barabash – Davies Ward Philips & Vineberg; Elise Beauregard – Davies Ward Philips & Vineberg; Marie-Claude Bellemare – Davies Ward Philips & Vineberg; Michel Gélinas – Davies Ward Philips & Vineberg; Charles Jodoin – Davies Ward Philips & Vineberg; Michael Kandev – Davies Ward Philips & Vineberg; Tyson Lowrie – Davies Ward Philips & Vineberg; Alexandria Pike – Davies Ward Philips & Vineberg; Sébastien Roy – Davies Ward Philips & Vineberg; Patrick Boucher – McCarthy Tétrault; Louis-Nicolas Boulanger – McCarthy Tétrault; Mathieu Dubord – McCarthy Tétrault; Marie-Soleil Landry – McCarthy Tétrault; Isabelle Nazon – McCarthy Tétrault; Richard O’Doherty – McCarthy Tétrault; Fred Purkey – McCarthy Tétrault; Dominic Thérien – McCarthy Tétrault;

Law Firms: Davies Ward Philips & Vineberg; McCarthy Tétrault;

Clients: Caisse de dépôt et placement du Québec (CDPQ); Enbridge Inc.;

Author: Martina Bellini