Pembina Pipeline buys Kinder Morgan Canada

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Adam Reaburn
Adam Reaburnhttps://energeticcity.ca/
Adam moved to Fort St. John in 2004 and he now owns both Moose FM and Energeticcity.ca

CALGARY, A.B. – Pembina Pipeline Corporation will buy Kinder Morgan Canada and the Cochin Pipeline for $4.35 billion.

Upon closing of the deal with Kinder Morgan Inc., Pembina says it will increase is monthly dividend by a penny per share to 21 cents.

The Cochin pipeline runs 2,900 kilometres between Fort Saskatchewan, Alta., and Chicago and has a design capacity of up to 110,000 barrels per day.

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The deal also includes an Edmonton storage and terminal business and Vancouver Wharves, a bulk storage and export-import business.

Pembina is offering 0.3068 of a Pembina share per Kinder Morgan Canada share and class B unit. The acquisition is valued at approximately $2.3 billion including the assumption of Kinder Morgan Canada’s preferred shares and outstanding net debt.

In addition, Pembina is paying roughly $2.05 billion in cash for Kinder Morgan Cochin LLC, which holds Cochin US.

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Companies in this story: (TSX:PPL, TSX:KML)

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