Devon to sell Western Canada pipeline stake to CPPIB for $1.1 bln

July 14, 2016 10:36 AM

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U.S. oil and natural gas producer Devon Energy Corp (DVN.N) said it will sell its 50 percent stake in Access Pipeline in Western Canada to Wolf Midstream Inc, a portfolio company of Canada Pension Plan Investment Board (CPPIB), for $1.1 billion.

The deal is the third in the oil and gas sector in recent weeks involving CPPIB, which has said that it aimed to take advantage of a fall in asset valuations due to a prolonged crude price slump.

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