[Editor's note: This story was updated at 11:55 a.m. CST July 10.]
Enbridge Inc. (NYSE: ENB) said July 4 it would sell its Canadian natural gas gathering and processing business to Brookfield Infrastructure Partners LP and its institutional partners for about C$4.31 billion (US$3.28 billion), as part of a move to recast itself as a pipeline utility.
The business includes 19 natural gas processing plants and liquids handling facilities and is spread across Montney, Peace River Arch, Horn River and Liard basins in British Columbia and Alberta, Enbridge said.
"The sale ... significantly advances our strategic priority of moving to a pure play regulated pipeline and utility business model," Enbridge CEO Al Monaco said.
Calgary, Alberta-based Enbridge, which has been under pressure to sell noncore assets and reduce its debt, said in May it would buy its independent units including Spectra Energy Partners and Enbridge Energy Partners as well as its pipeline assets and bring them under a single listed entity.
RELATED: Enbridge Tackles Debt With $2.5 Billion Asset Sales
Enbridge said its three-year financial guidance remained unchanged.
Brookfield Infrastructure, a part of Brookfield Asset Management Inc., is an infrastructure company, owning assets in the utilities, transport, energy and communications infrastructure sectors.
RBC Capital Markets was financial adviser for Enbridge. (US$1 = C$1.3141)
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