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CPPIB, Wolf to pay $1.4 billion for 50% of Devon Energy's Access pipeline

Last Updated Jul 14, 2016 at 6:50 am MDT

CALGARY – The Canada Pension Plan Investment Board and Wolf Midstream Inc. are investing $1.4 billion to buy half ownership of a pipeline in northeastern Alberta.

The Access pipeline transports blended bitumen and diluent between the Christina Lake area and Edmonton.

Wolf will make the purchase from Devon Engery Corp. with $825 million provided by CPPIB, which manages investments for the Canada Pension Plan.

Devon Energy is an independent energy company based in Oklahoma City and listed on the New York Stock Exchange