Brookfield Infrastructure Partners LP has won enough backing from Inter Pipeline Ltd shareholders to push ahead with its C$8.6 billion ($6.71 billion) takeover, Bloomberg News reported on Friday.
The development likely ends a five-month bidding war for the Canadian pipeline operator.
Inter Pipeline had recommended its investors accept Brookfield’s revised C$8.58-billion offer of cash or shares, after walking away from a deal with rival Pembina Pipeline Corp.
The offer has a minimum tender condition of 55% of IPL shares not already owned or controlled by Brookfield.
Brookfield declined to comment.
The infrastructure fund and Pembina were bidding for Inter amid a rebound in oil prices and energy stocks from last year’s pandemic-induced downturn.
Under Brookfield’s revised offer, IPL shareholders can receive either C$20 per share in cash or 0.25 of a Brookfield Infrastructure share.