Enbridge Inc. has announced that affiliates of Enbridge have entered into a definitive agreement for the sale of Enbridge Gas New Brunswick Limited Partnership and Enbridge Gas New Brunswick Inc. (together ‘Enbridge Gas New Brunswick’ or the ‘Franchise’) to Liberty Utilities (Canada), a wholly owned subsidiary of Algonquin Power and Utilities Corp., for a cash purchase price of CAN$331 million. Closing of the transaction remains subject to the receipt of regulatory approvals and other customary closing conditions expected to occur in 2019.
“This is a great franchise with a complement of dedicated and hardworking employees. The sale aligns with Enbridge's priority of focusing on expanding and growing its business in core markets," said Cynthia Hansen, Executive Vice President, Utilities and Power Operations of Enbridge. “Enbridge will work with Liberty Utilities to ensure a safe and orderly transition of business' operations.”
Enbridge Gas New Brunswick operates and maintains more than 1200 km of natural gas distribution pipeline in 12 communities in southern New Brunswick, serving 12 000 customers. Employees, customers, partners and suppliers of the Franchise can expect no change to the day-to-day operations as Enbridge works with Liberty Utilities to complete the transition of operations. It is anticipated the transition will take a number of months. Enbridge is committed to keeping stakeholders informed as this work progresses.
Enbridge remains fully committed to maintaining its ownership interest in the Maritimes and Northeast Pipeline, which serves markets in Atlantic Canada, including New Brunswick, and the northeastern US.
Read the article online at: https://www.worldpipelines.com/business-news/04122018/enbridge-announces-sale-of-enbridge-gas-new-brunswick/