Business
Pembina Announces Closing of Business Combination with Veresen, Declares Increased Common Share Dividend and Provides Business Update
Pembina Announces Closing of Business Combination with Veresen, Declares Increased Common ...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n\n\n\nPembina Announces Closing of Business Combination with Veresen, Declares Increased Common Share Dividend and Provides Business Update\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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Oct. 2, 2017\n\n\n\nAll figures are in Canadian dollars unless otherwise indicated\n\n\n\nCALGARY, Oct. 2, 2017 /CNW/ - Pembina Pipeline Corporation (TSX: PPL; NYSE: PBA) (\"Pembina\") is pleased to announce that it has completed its previously announced business combination (the \"Transaction\") with Veresen Inc. (TSX: VSN) (\"Veresen\") pursuant to a plan of arrangement (the \"Arrangement\") under Section 193 of the Business Corporations Act (Alberta) to create one of the largest energy infrastructure companies in Canada. \n\n\"Today marks another significant milestone for Pembina,\" said Mick Dilger, Pembina's President and Chief Executive Officer. \"With increased size and scale, the combined companies create a platform in which we can pursue expanded growth opportunities while continuing to support future dividend growth and value creation for our shareholders. Our customers will also benefit from the enhanced service offerings through the highly integrated asset base and the extended geographic reach.\" \n\n\"We are also proud to have increased the common share dividend for the second time this year – a testament to the strength of the combined companies and to our commitment of providing value to our shareholders,\" continued Mr. Dilger. \"We have recently placed $2.8 billion of projects into service and expect to place approximately $2 billion of additional projects into service by early 2018. Pembina has truly become a leading North American infrastructure company and is well positioned to deliver top-tier performance going forward. Our future is bright and I am excited to realize our expected near term transformational results,\" concluded Mr. Dilger.  \n\nPursuant to the Arrangement, Pembina acquired all of the issued and outstanding common shares of Veresen in a transaction valued at approximately $9.4 billion, including th...