Pembina buys Vantage pipeline and plant assets from Riverstone for $650 mln
Pembina Pipeline Corp (TSX: PPL, NYSE: PBA) has completed its previously announced buy of the Vantage pipeline system and Mistral Midstream Inc's interest in a Saskatchewan ethane processing plant. The assets were acquired from U.S. private equity firm Riverstone Holdings in a transaction valued at US$650 million. Pembina, a Calgary-based transportation and midstream service provider, said the deal will support its growth strategy by increasing its footprint into North Dakota's Bakken formation and connecting it to the Alberta petrochemical market. Mistral Midstream is a developer of gas processing opportunities for Calgary's Mistral Energy Inc, a portfolio company of Riverstone since 2010.
24 October 2014•5 mins read
