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Pembina Pipeline Corporation to Acquire KML

Pembina Pipeline Corporation to Acquire KML Canada NewsWire CALGARY, Aug. 21, 20...

articlePembina Pipeline CorporationAugust 21, 20193/company/pembina-pipeline-corp/news/pembina-pipeline-corporation-to-acquire-kml
Pembina Pipeline Corporation to Acquire KML

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[{"type":"text","content":"\n\n\n\nPembina Pipeline Corporation to Acquire KML\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Aug. 21, 2019\n\n\n\nExchange ratio of .3068 Pembina shares for each share of KML common equity;  \nConsideration represents a 38 percent premium to KML's closing price on August 20, 2019 \n CALGARY, Aug. 21, 2019 /CNW/ - Kinder Morgan Canada Limited (TSX: KML) today announced that it has reached an agreement with Pembina Pipeline Corporation (TSX: PPL; NYSE: PBA) (Pembina) under which Pembina has agreed to acquire all of the outstanding common equity of KML (including the 70 percent majority voting interest held by Kinder Morgan Inc. (NYSE:  KMI)), subject to the terms of the arrangement agreement between KML and Pembina.  On closing, KML shareholders will receive .3068 shares of Pembina for each KML share. Based on yesterday's closing price for Pembina, the total consideration to be received by KML common shareholders is valued at $15.12 per KML share, which represents a 38 percent premium to yesterday's KML closing price.\n\"KML views Pembina as a leading infrastructure services provider to the North American energy industry,\" said KML Board Chairman and CEO Steve Kean.  \"We believe KML's assets will be a great fit with Pembina's business and this transaction is highly beneficial to KML's shareholders.  This transaction gives KML's public shareholders the opportunity to participate in a larger and growing platform of North American midstream energy assets.\"\nIn addition, Pembina has agreed to purchase the U.S. portion of the Cochin Pipeline from Kinder Morgan, Inc. (NYSE:  KMI) for US$1.546 billion.  The closing of the two transactions are cross-conditioned upon each other.   \n\"The KML strategic review was completed in May of this year and did not result in an acceptable transaction.  About two months following the conclusion of the strategic review Pembina put forward an attractive proposal,\" said Kean.  The KML special committee, which is composed ...

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