Pembina Completes $3.1 Billion Acquisition of Enbridge’s Interest in Alliance, Aux Sable
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Pembina Pipeline Corporation has completed its acquisition of Enbridge’s interest in the Alliance, Aux Sable, and NRGreen joint ventures.
“We are excited to further enhance our business by increasing our ownership in Alliance and Aux Sable. Aligning with Pembina’s strategy, this acquisition grows and strengthens our existing franchise and provides greater exposure to resilient end-use markets,” said Scott Burrows, Pembina’s president and chief executive officer.
“With completion of the transaction, we will prioritize integrating these businesses and pursuing the near-term synergies we have identified to extract greater value from these unique and exceptional assets,” added Burrows.
This is an important milestone for Enbridge and it remains committed to working closely with Pembina to ensure the safe and reliable operation of the assets during the transition period.
The divestiture represents a key element of Enbridge’s financing plan. The sale proceeds will fund a portion of the company’s strategic U.S. gas utilities acquisitions and be used for debt reduction.
Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America’s energy industry for more than 65 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through its integrated value chain, they seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit customers, investors, employees and communities.
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