Pembina Snaps Up Kinder Morgan Canada, Pipeline For $3.3B

Law360 (August 21, 2019, 10:46 AM EDT) -- Calgary-based Pembina Pipeline Corp. said Wednesday it has agreed to pay a combined CA$4.35 billion ($3.28 billion) to buy Kinder Morgan Canada and part of the Cochin pipeline in a deal that values the Kinder Morgan Inc. unit at CA$2.3 billion.

Kinder Morgan Canada Ltd. Chairman and CEO Steve Kean said in a separate statement that the deal comes after the Canadian transportation and midstream services company made an attractive offer for the business two months after the closing of a KMC strategic review in May that did not lead to an “acceptable transaction.”

According to the companies’ statements, Pembina’s board...

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