Pembina Acquires Veresen
Pembina Pipeline entered into a deal to acquire all of the issued and outstanding shares of Veresen Inc. in a deal valued at CAD 9.7 billion. Pembina intends to spend a maximum of CAD 1.52 billion in cash and issue up to 99.5 million of its common stock at a share price of CAD 18.65, which represents a 22.5% premium to Veresen’s closing share price on April 28, 2017. The enterprise value of the combined company is expected to be approximately CAD 33 billion, representing nearly a 50% increase in...Pembina Pipeline has four operating segments: conventional pipelines business, which is a tariff-based operation consisting of pipelines and related facilities that deliver crude oil and natural gas liquids; oil sands and heavy oil business, which consists of the Syncrude Pipeline, the Cheecham Lateral and the Horizon Pipeline; midstream and marketing business, which consists of Co.'s direct and indirect interest in a storage operation, its direct interest in terminals, storage and hub services under a mixture of short, medium and long-term contractual arrangements; and gas services business which consists of natural gas gathering and processing facilities.
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