Pembina Pipeline Corporation has completed its previously announced $9.4 billion merger with Veresen Inc., pursuant to a plan of arrangement under Section 193 of the Business Corporations Act in Alberta.
“Today marks another significant milestone for Pembina,” said Mick Dilger, Pembina’s President and Chief Executive Officer. “With increased size and scale, the combined companies create a platform in which we can pursue expanded growth opportunities while continuing to support future dividend growth and value creation for our shareholders. Our customers will also benefit from the enhanced service offerings through the highly integrated asset base and the extended geographic reach.”
According to the company, all regulatory conditions have been satisfied prior to closing. These conditions included termination of the Hart-Scott-Rodino waiting period by the US Federal Trade Commission on May 30, 2017; approval by the Minister of Transport under the Canada Transportation Act on June 28, 2017; and expiry of the waiting period under the Canadian Competition Act on September 13, 2017.