Federal government sells stake in Ridley Terminals Inc for 350 million

TORONTO — The Canadian government has signed a deal to sell a 90 per cent stake in Ridley Terminals Inc. to a company owned by Riverstone Holdings and AMCI Group for $350 million.The remaining 10 per cent stake will be transferred to the Lax Kw’alaams Band and the Metlakatla First Nation at the close of the sale.Ridley Terminals, a federal Crown corporation, operates on Ridley Island in Prince Rupert, B.C.It transfers bulk commodities such as coal and petroleum coke from rail cars to ocean-going vessels.The Canada Development Investment Corp. put the stake in the company up for sale last year.The deal is subject to the successful completion of a review by the Competition Bureau and other customary closing conditions. The Canadian Press

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