Enbridge and Brookfield Infrastructure Announce Closing of the Provincially Regulated Portion of the Previously Announced Nat...
October 01 2018 - 5:15PM
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.
Forward-Looking
StatementsCertain information provided in this news
release constitutes forward-looking statements and information
within the meaning of applicable Canadian securities laws and
within the meaning of Section 27A of the U.S. Securities Act of
1933, as amended, Section 21E of the U.S. Securities Exchange Act
of 1934, as amended and "safe harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995 ("FLI").
The words "anticipate", "expect", "project", "estimate",
"forecast", "plan", "intend", "target", "believe", "likely" and
similar words and expressions are intended to identify such FLI.
All statement other than statements of historical fact may be FLI.
FLI included or incorporated by reference in this news release
include, but are not limited to, information with respect to the
following: the timing of closing of the transaction in respect the
federally regulated facilities; the consideration and the expected
net proceeds from the transaction; Enbridge's financial strength
and flexibility; intentions regarding the holding of Enbridge's
regulated natural gas pipeline investments and Brookfield’s
intentions post-closing of the transaction; and the transition of
the Canadian G&P operations. Although Enbridge and/or
Brookfield, as applicable, believes that the FLI is based on
information which is current, reasonable and complete, by its
nature FLI is necessarily subject to a variety of assumptions,
risks and uncertainties pertaining but not limited to the timing
and completion of the transactions, including receipt of regulatory
approvals and satisfaction of other conditions precedent; the focus
of management time and attention on the transaction and other
disruptions arising from the transaction; estimated future cash
flow, financial strength and flexibility; and economic and
competitive conditions. A further discussion of the risks and
uncertainties facing each of Enbridge and Brookfield can be found
in their respective filings with Canadian and United States
securities regulators. While Enbridge and Brookfield each provides
the FLI in good faith, should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary significantly from those
expected. Except as may be required by applicable securities laws,
Enbridge and Brookfield, jointly or severally, assume no obligation
to publicly update or revise any FLI provided herein or otherwise,
whether as a result of new information, future events or otherwise.
All FLI in this news release is expressly qualified in its entirety
by these cautionary statements.
About Enbridge Inc.Enbridge
Inc. (the Company) is North America's premier energy infrastructure
company with strategic business platforms that include an extensive
network of crude oil, liquids and natural gas pipelines, regulated
natural gas distribution utilities and renewable power generation.
The Company safely delivers an average of 2.9 million barrels of
crude oil each day through its Mainline and Express Pipeline;
accounts for approximately 65% of U.S.-bound Canadian crude oil
exports; and moves approximately 20% of all natural gas consumed in
the U.S., serving key supply basins and demand markets. The
Company's regulated utilities serve approximately 3.7 million
retail customers in Ontario, Quebec, and New Brunswick. Enbridge
also has interests in more than 2,500 MW of net renewable
generating capacity in North America and Europe. The Company has
ranked on the Global 100 Most Sustainable Corporations index for
the past nine years; its common shares trade on the Toronto and New
York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel
people's quality of life. For more information, visit
www.enbridge.com.
About Brookfield
InfrastructureBrookfield Infrastructure Partners is a
leading global infrastructure company that owns and operates high
quality, long-life assets in the utilities, transport, energy and
data infrastructure sectors across North and South America, Asia
Pacific and Europe. We are focused on assets that generate stable
cash flows and require minimal maintenance capital expenditures.
Brookfield Infrastructure Partners is listed on the New York and
Toronto stock exchanges. Further information is available at
www.brookfieldinfrastructure.com.
Brookfield Infrastructure is the flagship listed
infrastructure company of Brookfield Asset Management, a leading
global alternative asset manager with approximately $285 billion of
assets under management. For more information, go to
www.brookfield.com.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Enbridge |
Brookfield |
MediaJesse SemkoToll Free: (888)
992-0997Email: media@enbridge.com |
MediaClaire Holland(416)
369-8236claire.holland@brookfield.com |
|
|
Investor RelationsJonathan
GouldToll Free: (800) 481-2804Email:
investor.relations@enbridge.com |
Investor RelationsMelissa
Low(416) 956-5239melissa.low@brookfield.com |
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