On August 15, 2022, Pembina Pipeline Corporation completed its joint venture with KKR to combine their respective western Canadian natural gas processing assets into a single, new joint venture entity called “Newco”. Included in this transaction are Pembina's field-based natural gas processing assets, the Veresen Midstream business (currently owned 55 percent by funds managed by KKR and 45 percent by Pembina), and the business currently carried on by Energy Transfer Canada (currently owned 49 percent by funds managed by KKR). Upon the closing of the transaction, Newco also acquired Energy Transfer LP's remaining 51 percent interest in Energy Transfer Canada. Collectively, the ascribed value of these transactions totals $11.4 billion, excluding the value of assets under construction.
Energy Transfer Canada is one of Alberta’s largest licensed gas processors providing midstream solutions from the wellhead to the wholesale marketplace in Western Canada.
Pembina Pipeline Corporation is a leading energy transportation and midstream service provider.
Osler, Hoskin & Harcourt LLP advised Energy Transfer Canada with a team consisting of Craig Spurn, Andrea Whyte, Aqeel Virk (Corporate), Kaeleigh Kuzma and Danielle Chu (Competition & Antitrust).