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Pembina receives Canadian approval for acquisition of Kinder Morgan Canada

Christian Fernsby |
Pembina Pipeline Corporation announced that it and Kinder Morgan Canada have received a "no-action letter" from the Canadian Competition Bureau confirming that the Commissioner of Competition does not intend to challenge the proposed acquisition by Pembina of Kinder Morgan Canada's outstanding common equity by way of a statutory arrangement under the Business Corporations Act (Alberta).

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he receipt of the "no-action letter" satisfies the last material regulatory condition necessary for completion of the Arrangement.

The Arrangement is now expected to close in December 2019, subject to approval of the Arrangement by the holders of Kinder Morgan Canada's restricted voting shares and special voting shares at the special meeting scheduled for Tuesday, December 10, 2019, receipt of the final order of the Court of Queen's Bench of Alberta at the application scheduled for the same date, the concurrent completion of the sale of the U.S.-regulated Cochin pipeline system from Kinder Morgan, Inc.

to Pembina and satisfaction of other customary closing conditions.

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