Westcoast Acquires Assets in Joint Venture Split
Westcoast Energy announced it had acquired 100% of the ownership and control of, Engage Energy Canada, L.P., as well as the Engage U.S. power business based in Michigan and the Engage gas and power business in the U.S. Pacific northwest, after the split of its joint venture with Coastal Corp on Oct. 3.
"We are extremely pleased to have Westcoast as our sole shareholder at this exciting time in our evolution," said Mike Broadfoot, CEO of Engage. "While the Coastal/Westcoast joint venture initiated in 1997 provided many opportunities, it became increasingly apparent that Westcoast needed a 100% owned energy merchant company."
Graham Wilson, executive vice president of Westcoast noted, "Engage now has the opportunity to integrate more fully with the Westcoast corporate family, and focus completely on working with the other Westcoast affiliates to help optimize the value of Westcoast's significant network of energy assets."
In the U.S., Westcoast has established Engage Energy America Corp (Engage America), a 100% owned affiliate headquartered in Southfield, MI, to manage its strategic contracts, relationships and personnel focussed on the U.S. Midwest, the U.S. Northeast, the Great Lakes and the U.S. Pacific North regions, in both gas and power.
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