Deal insight

China Investment Corporation acquires assets from Penn West Energy Trust for Cdn$817 million

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Report summary

Penn West Energy Trust has entered into a joint venture agreement with China Investment Corporation (CIC) in order to develop Penn West's bitumen assets located in the Peace River area of northern Alberta. For a consideration of Cdn$817 million (US$803 million) CIC will acquire a 45% interest in the assets. Separate to this deal CIC will also subscribe for 5% of Penn West's issued and outstanding units for about Cdn$435 million (US$428 million). The deal is scheduled to close in 1 ...

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    China Investment Corporation acquires assets from Penn West Energy Trust for Cdn$817 million

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Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Strategic rationale
  • Oil & gas pricing and assumptions

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Tables

  • Oil & gas pricing and assumptions: Table 1

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