Shell Completes Sale of Interest in Colonial Enterprises to Brookfield Subsidiary
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Shell Midstream Operating (SMUS), a subsidiary of Shell, has completed the sale of its 16.125 percent interest in Colonial Enterprises to Colossus AcquireCo, a wholly owned subsidiary of Brookfield Infrastructure Partners and its institutional partners.
The sale values Shell’s share of Colonial at $1.45 billion, inclusive of approximately $500 million in non-recourse debt and excluding customary closing adjustments.
The divestment reflects Shell’s focus on performance, discipline and simplification and enables the company to concentrate on areas where it has scale and competitive advantage.
Together with Shell, the co-owners of Colonial Enterprises have sold 100 percent of their Colonial shares to Brookfield. Colonial was previously divided among five partners: Shell Midstream Operating (16.125 percent), Koch Capital Investments Company (28.088 percent), KKR-Keats Pipeline Investors (23.443 percent), La Caisse (16.549 percent), and IFM Investors (IFM) (15.795 percent).
The U.S. is a key market for Shell, where it has interests in 50 states and employs more than 11,000 people who work to provide a secure supply of energy today, while tackling the energy challenges of the future. Shell’s U.S. portfolio of operated companies and interests consists of oil, natural gas, petrochemicals, lubricants and refined fuel products along with renewables such as wind, solar, and mobility segments like electric vehicle charging.
Shell is an international energy company with expertise in the exploration, production, refining and marketing of oil and natural gas, and the manufacturing and marketing of chemicals. They use advanced technologies and take an innovative approach to help build a sustainable energy future. They also invest in power, including from low-carbon sources such as wind and solar; and new fuels for transport, such as advanced biofuels and hydrogen.
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