Pembina Pipeline Corp. has struck a friendly deal to acquire Inter Pipeline Ltd. for $8.3 billion in an all-share deal after the midstream company was put in play earlier this year.
Under the terms of the deal, shareholders of Inter Pipeline will receive half a share of Pembina for each share held, valuing the deal at $19.45 per share based on the most recent closing price. That trumps the unsolicited $16.50 offer from Brookfield Infrastructure Partners LP that Inter Pipeline rebuffed earlier this year. According to the release issued Tuesday, Pembina’s executive team will lead the combined entity, while Inter Pipeline will have representation on the board of directors.
Inter Pipeline Chair Margaret McKenzie said the deal with Pembina represented the best value for shareholders after the company launched a strategic review in February.
“It was evident that a combination with Pembina offered compelling value for Inter Pipeline shareholders in the short-term, as well as the opportunity to participate in the upside of [the Heartland Petrochemical Complex] and the combined business longer-term,” she said in the release.
“The creation of a more highly integrated business across the energy infrastructure value chain results in a combined entity that is greater than the sum of its parts.”
That Heartland Petrochemical Complex has been key to Inter Pipeline’s path forward, with the project outside Edmonton slated to produce 525,000 tonnes of polypropylene per year upon completion. However, it has been dogged by contruction delays and cost overruns, and is now expected to commence production in early 2022.
The two companies said their friendly transaction is expected to close in the fourth quarter of this year, pending all necessary approvals.
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2021-06-01 12:32:54Z
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