Skip to main content

Pembina signs deal to sell stake in Key Access Pipeline System

The corporate logo of Pembina Pipeline Corp. (TSX:PPL) is shown. (THE CANADIAN PRESS/HO) The corporate logo of Pembina Pipeline Corp. (TSX:PPL) is shown. (THE CANADIAN PRESS/HO)
Share
CALGARY -

Pembina Pipeline Corp. has signed a deal to sell Pembina Gas Infrastructure's 50 per cent interest in the Key Access Pipeline System to private equity firm Stonepeak Partners LP for $662.5 million.

Pembina Gas Infrastructure is 60 per cent owned by Pembina and 40 per cent by KKR's global infrastructure fund.

The deal is expected to close in the first quarter of 2023, subject to approval by the Commissioner of Competition as well as other closing conditions.

The sale came as Pembina says it expects adjusted earnings before interest, taxes, depreciation and amortization between $3.5 billion and $3.8 billion in 2023.

Pembina says the midpoint of the guidance reflects about a five per cent increase in adjusted EBITDA contribution from Pembina's fee-based business.

The company's 2023 capital investment program is expected to total $730 million.

This report by The Canadian Press was first published Dec. 12, 2022.

CTVNews.ca Top Stories

A one-of-a-kind Royal Canadian Mint coin sells for more than $1.5M

A rare one-of-a-kind pure gold coin from the Royal Canadian Mint has sold for more than $1.5 million. The 99.99 per cent pure gold coin, named 'The Dance Screen (The Scream Too),' weighs a whopping 10 kilograms and surpassed the previous record for a coin offered at an auction in Canada.

Stay Connected