Energy company Pembina Pipeline Corp has received approval from Canada’s Competition Bureau to buy Kinder Morgan Canada Ltd.
In August, Pembina Pipeline agreed to buy Kinder Morgan Canada and the U.S. portion of the Cochin pipeline for $4.35 billion ($3.27 billion U.S.). The Competition Bureau approval satisfies the last regulatory condition necessary for the deal to now close.
Pembina’s deal follows an unsolicited bid for rival Inter Pipeline Ltd, highlighting growing interest in the midstream business of transporting and storing crude oil. The deal is expected to close next month and is contingent on approval by Kinder Morgan Canada shareholders at a special meeting scheduled for December 10.
