IPPLF - Inter Pipeline seals $715M deal for European storage assets

Inter Pipeline (IPPLF) says it struck a deal to sell a significant part of its European bulk energy storage assets to Spain's CLH Group for $715M.Under the deal terms, CLH will acquire Inter Pipeline's 15 storage terminals in the U.K., Ireland, the Netherlands and Germany, which have ~18M barrels of storage capacity and accounted for about two-thirds of the company's cash flow from its European operations.Inter Pipeline says the sale of the assets will allow it to redeploy cash to its North American operations.The company initially announced it was exploring a sale of its European operations in August 2019, but suspended the sale process in March amid plunging global energy prices as a result of COVID-19.

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Inter Pipeline seals $715M deal for European storage assets