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EQT Infrastructure to Sell Midland Cogeneration Venture

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According to the press release, “EQT Infrastructure and Fortistar have signed a definitive agreement to sell Midland Cogeneration Venture (“MCV”) to Toronto-based Borealis Infrastructure (“Borealis”). Borealis invests in and manages infrastructure assets on behalf of OMERS; one of Canada’s largest pension funds.

EQT Infrastructure and Fortistar acquired 70% and 30% respectively in MCV in May of 2009. A strategy to improve efficiency, reliability and capacity of the plant has been successfully executed through the implementation of an extensive operational improvement program. MCV has also begun development and permitting work for a 640 megawatt expansion of the facility, which would enable it to expand its electricity and steam service to existing customers and potentially provide these services to additional customers. Sales (net of fuel and purchased power) and EBITDA have as a result of the implemented measures increased by 27% and 49% respectively from 2009 to 2012.

“MCV has enhanced its ability to provide reliable electricity and steam to its customers and the local community for many years to come. The focused operational improvement strategy has substantially exceeded the original expectations which we attribute to the extraordinary commitment of the MCV employees to implement this strategy. EQT Infrastructure and Fortistar are divesting a company which is more reliable, more energy efficient and better positioned for its future than when it was acquired”, says Glen Matsumoto, Partner at EQT Partners, Inc., Investment Advisor to EQT Infrastructure.

“During the ownership by EQT Infrastructure and Fortistar, MCV has been through a transformation that only few could have imagined back in May 2009. I am very proud that the operational performance of the plant has increased significantly while employee safety has further improved. The employees of MCV are excited about continuing their commitment to operational excellence under the ownership of Borealis”, says Roger Kelley, CEO of MCV.

Mark Comora, President of Fortistar, said “We are pleased to have had the opportunity of working with EQT Infrastructure and the MCV management team for the past three years. It is a testament of what can be achieved when everyone works together towards one common goal – to provide cost effective, reliable and environmentally sensitive power for Michigan.”

“MCV is an excellent facility with a strong management team, and it is exactly the type of large-scale infrastructure asset we look for to help us generate consistent, long-term returns,” said Michael Rolland, Borealis President and CEO. “Our teams in both Toronto and New York look forward to working with the MCV management team and building on the success that they have been able to achieve over the past few years.”

The transaction is expected to close by year-end and is subject to receipt of regulatory approvals and satisfaction of customary closing conditions.”

Read more: EQT Infrastructure

Saudi Aramco Contemplates SABIC Stake from PIF

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Oil giant Saudi Aramco is in early discussions on whether to pursue an ownership stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF). At the moment, Saudi Aramco has no plans to buy publicly-held shares of SABIC. SABIC was founded in 1976 by Saudi royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.

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SWFI First Read, July 19, 2018

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GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

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Google Fined Big Time by EU Regarding Antitrust Violations

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The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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