Caisse de dépôt et placement du Québec signs US$850 million purchase agreements with ConocoPhillips

Acquisition of 16.55% interest in a U.S. pipeline subject to right of first refusal

MONTREAL, Nov. 16, 2011 /CNW Telbec/ - The Caisse de dépôt et placement du Québec has announced that it has entered into definitive agreements with ConocoPhillips to purchase its 16.55% interest in Colonial Pipeline Company and Colonial Ventures LLC ("Colonial") for US$850 million.

Colonial Pipeline is the largest refined petroleum products pipeline in the United States. It extends more than 8,800 kilometres between the Gulf of Mexico and the Northeastern U.S. and transports the equivalent of 2.3 million barrels per day.

Prior to being finalized, the transaction will be subject to a right of first refusal (ROFR) by the shareholders of Colonial Pipeline. Based on the outcome of the ROFR exercise, the Caisse could close the transaction during the first quarter of 2012.

"The Caisse is always interested in quality assets that yield stable, long-term returns," said Normand Provost, Executive Vice-President, Private Equity and Chief Operations Officer at the Caisse de dépôt et placement du Québec. "This particular investment targets an infrastructure project in a regulated industry that we know well through our investments in Gaz Métro, Interconnector, Enbridge and Fluxys."

ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2010, it held $151.7 billion in net assets. As one of Canada's leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. For more information: www.lacaisse.com.

 

SOURCE CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

For further information:

Maxime Chagnon
Senior Director, Media Relations
(514) 847-5493
mchagnon@lacaisse.com

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