Enbridge (ENB) is selling a minority stake in seven of its Alberta oil pipelines to about two dozen
Indigenous groups for $1.12 billion.
The Calgary-based company said 23 First Nations and Métis groups will receive an 11.57%
interest in seven Enbridge pipelines in Alberta's Athabasca territory.
A new organization called “Athabasca Indigenous Investments” will oversee the pipeline
investment, Enbridge said in a news release.
In the press release, Enbridge said it plans to use the money from the deal to “fund numerous
growth opportunities within our conventional and low carbon platforms.”
Enbridge stock is up 6% this year at $52.43 a share.
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