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Press Release: SemGroup and KKR Form Canadian Joint Venture and Acquire Meritage Midstream ULC


SemGroup to own 51% and KKR to own 49% of the new company, SemCAMS Midstream ULC; SemGroup’s contribution of SemCAMS’ shares and assets to SemCAMS Midstream valued at C$1.15 billion (US$860 million)Cash proceeds received from the formation of joint venture will deleverage and strengthen SemGroup’s capital positionAcquisition of Meritage Midstream for C$600 million (US$449 million) expands and diversifies SemCAMS’ portfolio, accelerating growth plan for CanadaComplementary asset locations significantly expand SemCAMS presence in a top-tier Montney production region  Partnership with industry-leading investor KKR provides strategic and financial benefitsCALGARY, Alberta, Jan. 10, 2019 (GLOBE NEWSWIRE) -- SemGroup® Corporation (NYSE: SEMG) and KKR today announced they have formed a joint venture to create a Canadian midstream infrastructure platform, SemCAMS Midstream ULC (“SemCAMS Midstream”). The companies also announced that SemCAMS Midstream has entered into a definitive agreement to acquire Meritage Midstream ULC and its midstream infrastructure assets for C$600 million (US$449 million).Under the terms of the joint venture, SemGroup will contribute the shares and assets of its Canadian subsidiary, SemCAMS, valued at C$1.15 billion (US$860 million), in exchange for C$615 million (US$460 million) cash proceeds and 51% common equity ownership in SemCAMS Midstream. KKR will contribute C$515 million (US$385 million) of cash in exchange for 49% of the common equity ownership. KKR will also contribute C$300 million (US$224 million) to acquire perpetual preferred equity. In addition, the joint venture will enter into a C$800 million (US$598 million) underwritten bank credit facility.The transactions create a well-capitalized Canadian growth platform and expand SemGroup’s Montney footprint while deleveraging and strengthening its capital position. The joint venture positions SemCAMS Midstream for future growth opportunities.Carlin G. Conner, Chief Executive Officer of SemGroup, said, “This transaction captures an attractive valuation for our SemCAMS business and accelerates our Canadian strategy in one of North America's premier energy basins. The acquisition of Meritage enables SemCAMS Midstream to expand and optimize its portfolio of assets, broaden its service offerings and create a more attractive Canadian growth platform. In addition, it delivers on our commitment to strengthen ...


Posted: 2019-01-10 12:06:00

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