Tidewater Midstream to Sell Canadian Roadway Network for $18 Million
(P&GJ) — Tidewater Midstream and Infrastructure Ltd. has reached a deal to sell its Brazeau River Complex (BRC) roadway network to Canadian Resource Roadways LP (CRR) for CAD$24 million ($17.76 million).
The agreement will see Tidewater receive CAD$22.5 million ($16.65 million) at the transaction's closing, with the remaining balance due by December 31, 2025. The BRC roadway network, deemed a non-core asset, will not significantly affect Tidewater's 2025 operating results.
The sale proceeds will be directed toward reducing the balance on the company's three-year delayed draw term loan.
Jeremy Baines, Tidewater's CEO, commented, "We are pleased to announce the agreement to sell the BRC Roadway Network to a quality road owner-operator in CRR. The Transaction provides a meaningful amount of cash for the BRC Roadway Network and aligns with our goal of maximizing the return we receive on our assets. We continue to remain very focused on generating cash flow and optimizing our core asset base."
The deal is slated to close in early April 2025, pending regulatory approvals, including clearance from the Alberta Energy Regulator.
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