Exclusive-Some Colonial Pipeline owners eye stake sales at $10 billion-plus company valuation, sources say [Yahoo! Finance Canada]
ConocoPhillips (COP)
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Source: Yahoo! Finance Canada
they can fetch prices that would value the largest U.S. fuel transportation system in excess of $10 billion, according to people familiar with the matter. Growing U.S. energy consumption has raised demand for pipeline capacity. Any deal would test the company's value three years after a major cyberattack disrupted its operations. Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) has begun working on the sale of its 16.6% stake in Colonial, while three co-owners that collectively account for 55.3% of the equity in Colonial are discussing whether to follow suit, the sources said. ADVERTISEMENT These three parties are oil major Shell and investment firms IFM Investors and KKR, the sources added. Infrastructure funds, public pension funds and sovereign wealth funds are among potential buyers, according to the sources. A subsidiary of Koch Industries, the remaining co-owner, has indicated it plans to keep its 28.1% stake in Colonial, one of the sources said. T
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COP
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- 5/2/24 - Beat
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- 6/25/24 - Form S-4
- 6/4/24 - Form 4
- COP's page on the SEC website