Tidewater Midstream and Infrastructure Ltd. said Jan. 4 it has closed an acquisition of processing and extraction facilities and related pipeline networks and infrastructure around Edmonton, Alberta.

The seller and terms of the transaction weren't disclosed. The replacement value of the assets has been estimated at about C$200 million, according to the release.

The deal includes 100% working interest in three deep cut gas processing/NGL extraction facilities and about 250 km (155 miles) of pipeline and infrastructure consisting of land and rail access at Fort Saskatchewan. The facilities have total aggregate capacity of 142 million cubic feet per day.

The acquisition is strategically located around Edmonton and includes significant pipelines which head toward Calgary, Alberta-based Tidewater's largest gas plant at the Brazeau River Complex.

Tidewater said the purchase is the first step in developing the company's own natural gas and NGL network to offer alternative takeaway options for producers.

The company will continue to maintain a strong balance sheet and financial flexibility with a debt-to-annualized EBITDA multiple of less than 1x post-closing of the acquisition, the release said.