[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)
Recommended Reading
Colonial Shuts Pipeline Due to Potential Gasoline Leak
2025-01-14 - Colonial Pipeline, the largest refined products pipeline operator in the United States, said on Jan. 14 it was responding to a report of a potential gasoline leak in Paulding County, Georgia and that one of its mainlines was temporarily shut down.
Colonial’s Line 1 Gasoline Service Restored, Company Says
2025-01-20 - Colonial Pipeline Co. stopped flows on the gasoline transport line following reports of a leak in Georgia.
MPLX Acquires Remaining Interest in BANGL for $715MM
2025-02-28 - MPLX LP has agreed to acquire the remaining 55% interest in BANGL LLC for $715 million from WhiteWater and Diamondback.
Kinder Morgan Acquires Bakken NatGas G&P in $640MM Deal
2025-01-13 - The $640 million deal increases Kinder Morgan subsidiary Hiland Partners Holdings’ market access to North Dakota supply.
Tallgrass, Bridger Call Open Season on Pony Express
2025-02-14 - Tallgrass and Bridger’s Pony Express 30-day open season is for existing capacity on the line out of the Williston Basin.