CALGARY, AB – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL) (NYSE: PBA) today announced that the Canadian Competition Bureau has issued a no-action letter for the joint venture transaction announced on March 1, 2022, between Pembina and KKR to combine their respective western Canadian natural gas processing assets into a single, new joint venture entity (“Newco”) (the “Transaction”). Issuance of the no-action letter allows Pembina and KKR to proceed with next steps on closing the Transaction, which is expected to occur in August 2022 subject to the satisfaction of the remaining conditions. Pursuant to an agreement with the Competition Bureau, and consistent with Pembina’s and KKR’s intention to divest upon announcing their joint venture, Pembina and KKR’s global infrastructure funds will divest the 50 percent, non-operated interest in the Key Access Pipeline System which will be contributed into Newco as part of the Transaction.
“Pembina is pleased to have received all regulatory approvals and is satisfied with the outcome and timely resolution of the Competition Bureau review. We are very excited to be able to move forward with our joint venture with KKR. We look forward to closing the transaction in the coming weeks and pursuing the efficiencies, cost reductions and enhanced customer service offering anticipated from combining three complementary platforms to create a premier, highly competitive western Canadian gas processing entity,” said Jaret Sprott, Pembina’s Senior Vice President & Chief Operating Officer.
Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America’s energy industry for more than 65 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and a growing export terminals business. Through our integrated value chain, we seek to provide safe and reliable infrastructure solutions which connect producers and consumers of energy across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit pembina.com.
Purpose of Pembina:
To be the leader in delivering integrated infrastructure solutions connecting global markets:
- Customers choose us first for reliable and value-added services.
- Investors receive sustainable industry-leading total returns.
- Employees say we are the ’employer of choice’ and value our safe, respectful, collaborative and inclusive work culture.
- Communities welcome us and recognize the net positive impact of our social and environmental commitment.
Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.
Pembina’s common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively.