Enbridge completes sale of interest in Noverco

On December 30, 2021, Enbridge Inc., a leading North American energy infrastructure company, completed the sale of its 38.9 percent minority ownership interest in natural gas distributing company Noverco Inc. to Trencap L.P. for $1.14 billion in cash, net of non-recourse debt assumed by Trencap.

With the deal closed, Trencap, a consortium led by Caisse de dépôt et placement du Québec, now owns Noverco and its subsidiary Énergir, Québec's main natural gas distributor.

Davies Ward Phillips & Vineberg LLP acted as Canadian counsel to Enbridge on the transaction, with a team that included Michel Gélinas, Elise Beauregard, Charles Larose Jodoin and Tyson Lowrie (Mergers and Acquisitions); Sébastien Roy (Capital Markets and Securities); Anita Banicevic (Competition, Antitrust and Foreign Investment); Marie-Claude Bellemare, Alexandria Pike and Robyn Barabash (Environmental and Indigenous); and Michael Kandev (Tax).

Enbridge was also represented by Downs Rachlin Martin PLLC.

Trencap was represented in the U.S. by Mayer Brown LLP and SHEEHEY FURLONG & BEHM P.C.

McCarthy Tétrault LLP acted as Canadian counsel to Trencap on the transaction, with a team that included Patrick Boucher and Isabelle Nazon (Mergers and Acquisitions, Capital Markets and Securities), Marjolaine Hémond-Hotte (Banking) and Marie-Soleil Landry and Fred Purkey (Tax).


Elise Beauregard Anita Banicevic Marie-Claude Bellemare Patrick Boucher Marie-Soleil Landry Fred Purkey


Davies Ward Phillips & Vineberg LLP Mayer Brown LLP McCarthy Tétrault LLP