CALGARY, Alberta, July 02, 2019 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI), announced today it has closed the sale of its Canadian Truck Transportation businesses to Trimac Transportation (“Trimac”) for gross proceeds of approximately $70 million prior to customary closing adjustments, with the potential for additional proceeds depending on the performance of the business over the next several years.
As part of the sale of its Canadian Truck Transportation businesses, Gibson has also entered into an agreement with an entity affiliated with Trimac for the sale of a field office and shop facilities situated on 31 acres of land in Edmonton, Alberta for $30 million. Gibson expects this portion of the sale will close by the end of the first quarter of 2020, subject to the satisfaction of certain conditions, with Trimac utilizing the properties under a lease arrangement in the interim.
With the closing of the sale of its Canadian Truck Transportation business, Gibson has successfully completed all non-core divestitures announced at its January 2018 Investor Day for total proceeds of approximately $325 million. All proceeds from the non-core divestitures will be reinvested into the Company’s core tankage and pipeline infrastructure projects.
Gibson is a Canadian-based oil infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of crude oil and refined products. Headquartered in Calgary, Alberta, the Company’s operations are focused around its core terminal assets located at Hardisty and Edmonton, Alberta, and also include the Moose Jaw Facility and an infrastructure position in the U.S.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.