Pembina Pipeline Corp. says it has finished buying Enbridge Inc.’s shares in the Alliance pipeline and Aux Sable gas processing facility for $3.1 billion.
The transaction is now complete, with Pembina, based in Calgary, buying out Enbridge’s stake in Alliance and Aux Sable.
As part of the deal, Pembina, the current operator of Aux Sable, becomes the exclusive operator of Alliance.
The Alliance pipeline, which spans 3,848 kilometers from B.C. to Chicago’s Aux Sable, is used to transport gas to one of the largest natural gas liquids processing facilities in North America.
On Monday, Pembina raised its 2024 adjusted EBITDA forecast to between $4.05 billion and $4.30 billion, up from the previous range of $3.7 billion to $4.0 billion.
The company attributes the updated outlook to the increased ownership of Alliance and Aux Sable, as well as a more positive outlook for its marketing business.
