Divestment of Ridley Terminals Inc. Closes

Dec 20, 2019 | Announcements

Canada Development Investment Corporation (CDEV) today announced that the divestment of Ridley Terminals Inc. (RTI) has been completed. Based on an agreement reached in July 2019, Canada has now sold 90 per cent of its shares in RTI to a company owned by Riverstone Holdings and AMCI Group for a purchase price of $350 million. The remaining 10 per cent of Canada’s shares has been transferred to a limited partnership owned by the Lax Kw’alaams Band and the Metlakatla First Nation. CDEV managed the sale process as agent for Canada.

Established in 1983, RTI operates on Ridley Island near Prince Rupert, British Columbia, where it transfers bulk commodities from rail cars onto ocean-going vessels.

The divestment of RTI is the culmination of a process that started on November 5, 2018, and was preceded by engagement and consultation with six First Nations in the Prince Rupert area. The divestment process had the objective of obtaining the best value for Canada from a buyer that will operate the terminal on a long-term, sustainable basis and with open access.