Pembina completes Veresen acquisition
Pembina Pipeline Corporation said it has completed its business combination with Veresen creating one of the largest energy infrastructure companies in Canada.
Mick Dilger, Pembina’s president and CEO, said that with increased size and scale, the combined companies create a platform in which Pembina can pursue expanded growth opportunities.
Pursuant to the arrangement, Pembina acquired all of the issued and outstanding common shares of Veresen in a transaction valued at approximately $9.4 billion, including the assumption of Veresen’s debt and preferred shares.
All regulatory conditions have been satisfied prior to closing, Pembina said.
Pembina noted that in September, Veresen’s Jordan Cove Energy and Pacific Connector Gas Pipeline projects have filed applications with the United States Federal Regulatory Commission for the construction and operations of a 7.8 million tonne per annum LNG export terminal in Coos Bay, Oregon and the related Pacific Connector that will transport natural gas from the Malin Hub in southern Oregon to the LNG export terminal.
The liquefied natural gas export project expects to reach a final investment decision in 2019 and expects to begin service in 2024.