Pembina Pipeline Corp., Calgary, received a "no-action letter" from the Canadian Competition Bureau confirming that the Commissioner of Competition does not intend to challenge the proposed acquisition by Pembina of certain Enbridge Inc. interests stemming from an agreement signed late last year.
In December 2023, Pembina agreed to acquire certain joint venture interests of Enbridge for $3.1 billion (Can.) (US $2.3 billion) (OGJ Online, Dec. 14, 2023). As part of the deal, Pembina will acquire Enbridge’s 50% interest in Alliance Pipeline and its 42.7% interest in Aux Sable.
Alliance delivers liquids rich natural gas sourced in Northeast BC, Northwest Alberta, and the Bakken region to Chicago. Aux Sable operates NGL extraction and fractionation infrastructure in both Canada and the US, with extraction rights on Alliance, offering connectivity to key US NGL hubs.
The receipt of the "no-action letter" satisfies the last material regulatory condition necessary for completion of the Transaction, which is expected to occur on April 1, 2024.