Teekay Agrees to Shed Remaining Stake in Teekay Offshore

Teekay Corporation has reached an agreement to sell remaining interests in Teekay Offshore Partners to asset management company Brookfield.

The deal includes Teekay’s 49% general partner interest, common units, warrants, and an outstanding USD 25 million loan to Teekay Offshore to be sold for total proceeds of USD 100 million in cash.

The company said that the transaction is expected to be completed in early to mid-May 2019.

“The divestment of our remaining interests in Teekay Offshore is aligned with Teekay’s current strategy to simplify and focus on our core gas and tanker businesses,” Kenneth Hvid, Teekay’s President and Chief Executive Officer, said.

“The proceeds from this transaction allow us to further strengthen Teekay Corporation’s balance sheet and credit profile, while significantly enhancing our near-term financial flexibility and range of options to address our near-term bond maturity.”