Canadian Pembina Pipeline Buys Provident Energy for C$3.2B
Pembina Pipeline Corp., a Canadian oil and gas pipeline operator (based in Calgary), just announced an agreement to buy Provident Energy Ltd. (another Calgary-based company) for C$3.2 billion to add natural gas liquids assets. The combined company will have a market cap of C$7.9 billion and a total enterprise value of C$10 billion, making it one of Canada’s largest energy infrastructure companies. Although the combined company will have far-ranging operations, part of their portfolio includes pipeline capacity to transport shale gas from the Marcellus and Utica Shales into Canada.