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Pembina Pipeline Corporation to Acquire Kinder Morgan Canada and the Cochin Pipeline for $4.35 Billion and Increase Dividend
Pembina Pipeline Corporation to Acquire Kinder Morgan Canada and the Cochin Pipeline for $...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n\n\n\nPembina Pipeline Corporation to Acquire Kinder Morgan Canada and the Cochin Pipeline for $4.35 Billion and Increase Dividend\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, Aug. 21, 2019\n\n\n\nAll financial figures are approximate and in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization (\"adjusted EBITDA\") and adjusted cash flow from operating activities per share (\"adjusted cash flow per share\"), which are financial measures that are not defined by Generally Accepted Accounting Principles (\"GAAP\"). For more information about these metrics, see \"Non-GAAP Measures\" herein. \n CALGARY, Aug. 21, 2019 /CNW/ - Pembina Pipeline Corporation (\"Pembina\" or the \"Company\") (TSX: PPL; NYSE: PBA) is pleased to announce that it has entered into agreements pursuant to which it will acquire Kinder Morgan Canada Limited (TSX: KML) (\"Kinder Morgan Canada\" or \"KML\") (the \"Corporate Acquisition\") and the U.S. portion of the Cochin Pipeline system (\"Cochin US\") from Kinder Morgan, Inc. (\"KMI\") (the \"Cochin US Acquisition\") for a total purchase price of approximately $4.35 billion (the \"Transaction\").  The Transaction values Kinder Morgan Canada at approximately $2.3 billion, or $15.02 per share, based on an all-share exchange ratio of 0.3068 of a common share of Pembina per KML security and Pembina's 30-day volume weighted average price on the date hereof; and Cochin US at approximately $2.05 billion for cash consideration.\nSubject to closing of the Transaction, Pembina's board of directors has also approved a $0.01 per common share, or approximately five percent, increase to its monthly common share dividend rate.\nThrough the Transaction, Pembina will acquire strategically located assets including the Cochin Pipeline System, the Edmonton storage and terminal business and Vancouver Wharves, a bulk storage and export/import business. Upon closing, the Transaction immediately provides Pembina with well-established business platforms an...