Brookfield Infrastructure has closed its acquisition of the provincially regulated portion of Enbridge Inc‘s (TSX, NYSE: ENB) natural gas gathering and processing business in the Montney, Peace River Arch, Horn River and Liard basins in British Columbia and Alberta.
The provincially regulated assets reflect $2.5 billion of a $4.31 billion deal Brookfield entered into earlier this year.
The acquisition of the federally regulated assets is expected to close in mid-2019.
The combined business, which includes 19 plants and 3,550 kilometres of pipelines, will be called NorthRiver Midstream Inc.
Enbridge and Brookfield Infrastructure Announce Closing of the Provincially Regulated Portion of the Previously Announced Natural Gas Gathering & Processing Transaction
CALGARY, Oct. 1, 2018 /PRNewswire/ – Enbridge Inc. (TSX: ENB) (NYSE: ENB) (“Enbridge”) and Brookfield Infrastructure (NYSE: BIP) (TSX: BIP.UN) and its institutional partners (collectively, “Brookfield”), today announced the closing of the provincially regulated portion of the agreement through which Enbridge will sell its Canadian natural gas gathering and processing business in the Montney, Peace River Arch, Horn River and Liard basins in British Columbia and Alberta (“G&P Business”) to Brookfield. The provincially regulated business represents $2.5 billion of the $4.31 billion transaction, previously announced on July 4, 2018.
The G&P Business includes 19 provincially and federally regulated natural gas processing plants and 3,550 kilometers of natural gas gathering pipelines in British Columbia and Alberta. Under Brookfield’s ownership, the G&P Business will be named NorthRiver Midstream Inc.
“This investment expands our portfolio of high quality midstream assets with the addition of one of the leading gas gathering and processing businesses in North America,” said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure. “We are pleased to acquire these assets through a seamless transition that will allow us to provide uninterrupted service to customers.”
“We are pleased to have reached this important milestone in our agreement with Brookfield,” said Bill Yardley, Executive Vice President and President, Gas Transmission and Midstream of Enbridge. “We remain committed to the safe and reliable operation of the federally regulated assets during the transition period.”
The sale of the remaining federally regulated assets is expected to close in mid-2019.
About Enbridge Inc.
Enbridge Inc. (the Company) is North America’s premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation. The Company safely delivers an average of 2.9 million barrels of crude oil each day through its Mainline and Express Pipeline; accounts for approximately 65% of U.S.-bound Canadian crude oil exports; and moves approximately 20% of all natural gas consumed in the U.S., serving key supply basins and demand markets. The Company’s regulated utilities serve approximately 3.7 million retail customers in Ontario, Quebec, and New Brunswick. Enbridge also has interests in more than 2,500 MW of net renewable generating capacity in North America and Europe. The Company has ranked on the Global 100 Most Sustainable Corporations index for the past nine years; its common shares trade on the Toronto and New York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people’s quality of life. For more information, visit www.enbridge.com.
About Brookfield Infrastructure
Brookfield Infrastructure Partners is a leading global infrastructure company that owns and operates high quality, long-life assets in the utilities, transport, energy and data infrastructure sectors across North and South America, Asia Pacific and Europe. We are focused on assets that generate stable cash flows and require minimal maintenance capital expenditures. Brookfield Infrastructure Partners is listed on the New York and Toronto stock exchanges. Further information is available at www.brookfieldinfrastructure.com.
Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a leading global alternative asset manager with approximately $285 billion of assets under management. For more information, go to www.brookfield.com
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