Pembina Pipeline, KKR Form C$11.4 Billion Joint Venture
March 01 2022 - 8:44AM
Dow Jones News
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.
Pembina Pipeline (NYSE:PBA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Pembina Pipeline (NYSE:PBA)
Historical Stock Chart
From Sep 2023 to Sep 2024