IFC acquires 43% of Pacific Midstream from Pacific Rubiales

IFC acquires 43% of Pacific Midstream from Pacific Rubiales
December 17
11:38 2014

IFC Global Infrastructure Fund, a fund managed by IFC Asset Management Company, LLC, and a consortium of investors, have agreed to acquire approximately 43% interest in Pacific Midstream from Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) for a total consideration of US $320 million.

Pacific Midstream holds certain of Pacific Rubiales’ pipeline and power transmission assets.

Pacific Rubiales will receive $240 million in cash by year-end, $80 million in the first quarter of 2015, plus an additional $60 million in cash to develop future infrastructure projects.

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