Business
Enbridge Announces $3.1 Billion Sale of its Interests in Alliance Pipeline and Aux Sable
Enbridge Announces $3.1 Billion Sale of its Interests in Alliance Pipeline and Aux Sable ...
About this update from Enbridge Inc.
[{"type":"text","content":"\n \n \n \n Enbridge Announces $3.1 Billion Sale of its Interests in Alliance Pipeline and Aux Sable\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n.prnml6{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.50em !IMPORTANT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Dec. 13, 2023\n \n \n /CNW/ - Enbridge Inc. (\"Enbridge\") (TSX: ENB) (NYSE: ENB) announced today that it has entered into a definitive agreement to sell its 50.0% interest in Alliance Pipeline (\"Alliance\") and its 42.7% interest in\n \n Aux Sable\n \n to Pembina Pipeline Corporation (\"Pembina\") (PPL: TSX) (NYSE: PBA) for a purchase price of\n \n $3.1 billion\n \n , including non-recourse debt at Alliance of approximately\n \n $0.3 billion\n \n , and subject to customary closing adjustments.\n \n \n Alliance delivers liquids rich natural gas sourced in Northeast B.C.,\n \n Northwest Alberta\n \n , and the Bakken region to\n \n Chicago\n \n .\n \n Aux Sable\n \n operates NGL extraction and fractionation facilities in both\n \n Canada\n \n and the U.S., with extraction rights on Alliance, offering connectivity to key U.S. NGL hubs.\n \n \n The sale price represents an attractive valuation of approximately 11 times projected 2024 EBITDA for Alliance and approximately 7 times for\n \n Aux Sable\n \n , which is in line with other commodity exposed businesses.\n \n \n \"We are pleased to continue our strong track record of surfacing value for shareholders through an ongoing capital recycling program. With this divestiture, we will have raised\n \n ~$14 billion\n \n since 2018 at attractive valuations,\" said\n \n Pat Murray\n \n , EVP and Chief Financial Officer. \"Today's transaction reinforces our disciplined approach to capital alloca...