05:35 PM EDT, 05/28/2024 (MT Newswires) -- Emera Inc. ( EMRAF ) , an international energy and services company, and KKR, a global investment firm, announced after trade Tuesday they have entered into a definitive agreement where KKR will acquire Emera's ( EMRAF ) indirect minority equity interest in the Labrador Island Link (LIL).

A statement noted the transaction value is C$1.19 billion, made up of $957 million in cash and $235 million for assuming Emera's ( EMRAF ) obligation to fund the remaining initial capital investment.

Tuesday's statement also noted proceeds from the transaction will be used to reduce Emera's ( EMRAF ) corporate debt and "support its investment opportunities in its regulated utility businesses". The transaction is expected to close on or about June 4, 2024.