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Enbridge Closes the Federally Regulated Portion of the Previously Announced Sale of Natural Gas Gathering & Processing Assets in Northern British Columbia to Brookfield Infrastructure
December 31, 2019
CALGARY, Dec. 31, 2019 /CNW/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge) today announced the closing of the agreement through which Enbridge has sold a number of federally-regulated natural gas gathering and processing assets in British Columbia ("G&P Business") to Brookfield Infrastructure (NYSE: BIP) (TSX: BIP.UN) and its institutional partners (collectively, "Brookfield"). These federally-regulated assets represent the second phase of the $4.3 B transaction, previously announced on July 4, 2018.
Enbridge has now closed the complete sale of the Canadian G&P Business, which includes 19 provincially and federally-regulated natural gas processing plants and 3,550 kilometres of natural gas gathering pipelines in British Columbia and Alberta. Under Brookfield's ownership, the G&P Business is named NorthRiver Midstream Inc.
In addition, the Company has now received total proceeds of approximately $8 billion from previously announced non-core asset sales. These transactions have further focused Enbridge's business on low risk pipeline and utility assets, strengthened Enbridge's balance sheet and provided the Company with additional financial flexibility.
About Enbridge Inc.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario and Quebec, and generates approximately 1,750 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com
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SOURCE Enbridge Inc.