Brookfield Infrastructure To Sell 27.8% Stake In ETC Transmission For $1.3 Bln

(RTTNews) - Brookfield Infrastructure Partners (BIP, BIP_UN.TO) said it has agreed to sell its approximate 27.8 percent interest in ETC Transmission Holdings, S.L., the parent company of Transelec S.A., to China Southern Power Grid International (HK) Co., Ltd. for $1.3 billion.

Transelec is the largest pure-play power transmission company in Chile, with over 10,000 kilometers of electricity lines serving approximately 98 percent of the Chilean population. Brookfield Infrastructure said that it is targeting closing of the transaction to occur in the first half of 2018.

"Over the past year we have been focused on executing the next phase of our capital recycling program, seeking to dispose of mature infrastructure assets and to redeploy the proceeds in higher-returning opportunities. Proceeds from the sale of Transelec will be used to fund our growing backlog of organic growth projects, as well as our robust pipeline of transactions," said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure.

Santander GCB and Scotiabank are acting as financial advisors to Brookfield Infrastructure, while Goodmans LLP is acting as its legal advisor.