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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pembina Pipeline Corporation | TSX:PPL | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.17 | 0.35% | 48.55 | 48.50 | 48.70 | 48.83 | 48.45 | 48.67 | 1,567,783 | 21:14:58 |
By Adriano Marchese
Pembina Pipeline Corp. said Tuesday that it is creating a joint venture with U.S. investment company KKR & Co. in which they would combine their western Canadian natural gas processing assets.
The Canadian oil and gas transportation and storage infrastructure company said it would own 60% of the new JV and would act as operator and manager, while the remaining 40% would be owned by KKR's global infrastructure funds.
The assets included are Pembina's field-based natural gas processing assets, the Veresen Midstream business which funds managed by KKR own 55% and Pembina 45%, as well as the business currently carried on by Energy Transfer Canada, which KKR-managed funds own 49%.
The company said the ascribed value of all the transactions amount to 11.4 billion Canadian dollars, or US$8.99 billion.
"The formation of this new joint venture is a natural extension of our relationship, unlocks value for Pembina and creates another growth platform," Pembina President and Chief Executive Officer Scott Burrows.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 01, 2022 08:29 ET (13:29 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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