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Centrica to cash £240m from sale of CQ Energy partnership

Staff Writer |
Centrica announced on Friday that the CQ Energy Canada Partnership, the Canadian E&P joint venture in which it owned a 60% interest, was to be sold to a consortium comprising MIE Holdings Corporation, the Can-China Global Resource Fund and Mercuria for a purchase price of CAD 722m (£413m) in cash.

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Centrica's net share of sale proceeds was expected to be approximately £240m after adjustments.

“In line with its strategy announced in July 2015, the divestment means Centrica's E&P activity will now be focused solely on European assets, with the Group having completed the sale of its gas assets in Trinidad and Tobago in May 2017,” Centrica’s board said in a statement.

“The transaction is subject to customary regulatory approvals, including under the Canadian Competition Act and the Investment Canada Act, and is also subject to approval from MIE's shareholders.”

The transaction was expected to close in the second half of 2017.

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