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Veresen to sell its power business for $1.18 bln: Reuters

Canadian energy company Veresen Inc said on Tuesday it would sell its power generation business, its largest division, for US$1.18 billion in three separate deals, Reuters reported. The sale, which is expected to close in Q2 2017, will also allow Veresen to strengthen its balance sheet, as well as focus on its pipeline and midstream businesses. Calgary-based Veresen owns 50 percent of a joint venture with U.S. private equity firm KKR & Co LP called Veresen Midstream.