(Reuters) U.S. private equity fund Advent International will buy a minority stake in Colombia’s Ocensa oil pipeline for US$1.1b from Canadian oil firm Talisman Energy Inc, France’s Total SA and Madrid-based Cepsa, the Wall Street Journal reported citing people familiar with the matter.

Under the agreement, Advent will get a 22 percent stake in one of the largest oil pipelines in Colombia by capacity, the Journal reported.

Apart from Advent, TransCanada Corp (TRP.TO: Quote, Profile, Research) and Enbridge Inc (ENB.TO: Quote, Profile, Research) were also interested in buying the minority stake in Ocensa, the newspaper reported.

The deal, which was managed by JPMorgan Chase (JPM.N: Quote, Profile, Research) and Credit Suisse, is expected to be announced next week as Ocensa board is likely to approve it, WSJ reported.

Talisman has a 12 percent stake in Ocensa, while the participation of Cepsa and Total is each 5 percent, the newspaper said.

The sale represents Talisman’s latest attempt to cut costs and boost its share price after activist investor Carl Icahn took a stake in the struggling oil producer last month and said that he intended to discuss strategic alternatives with the management.

Last week the company said it would sell a stake in some of its natural gas assets in British Columbia’s Montney field to Malaysia-controlled Progress Energy Canada Ltd for C$1.5 billion ($1.43 billion) a part of the company’s plan to raise between $2 billion and $3 billion from asset sales this year.

The company also said last week that it will look for a partner to help develop its properties in the emerging Duvernay shale field in Alberta as it reconsiders plans to sell its holdings in the northern portion of the field.

Talisman and Advent could not be reached by Reuters outside of regular U.S. business hours.