Enbridge And Brookfield Infrastructure Announce Closing Of The Provincially Regulated Portion Of The Previously Announced Natural Gas Gathering & Processing Transaction

Oct 18, 2018 - 6 years ago

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.