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Enbridge Announces Sale of Enbridge Gas New Brunswick Business
December 4, 2018
CALGARY, Dec. 4, 2018 /CNW/ - Enbridge Inc. ("Enbridge" or the "Company") (TSX: ENB) (NYSE: ENB) announced today 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) LP ("Liberty Utilities"), a wholly owned subsidiary of Algonquin Power and Utilities Corp., for a cash purchase price of CAD $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 hard-working 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 1,200 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 United States.
Certain information provided in this news release constitutes forward-looking statements and information ("FLI"). The words "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", "likely" and similar words and expressions are intended to identify such FLI. All statement other than statements of historical fact may be FLI. FLI included or incorporated by reference in this news release include, but are not limited to, information with respect to the following: the proposed transaction; the timing of closing of the transaction; the consideration and the expected net proceeds from the transaction; intentions regarding the Enbridge Gas New Brunswick workforce; and the transition of the Enbridge Gas New Brunswick operations. Although Enbridge believes that the FLI is based on information which is current, reasonable and complete, by its nature FLI is necessarily subject to a variety of assumptions, risks and uncertainties pertaining but not limited to the timing and completion of the transactions, including receipt of regulatory approvals and satisfaction of other conditions precedent and the focus of management time and attention on the transaction and other disruptions arising from the transaction. A further discussion of the risks and uncertainties facing Enbridge can be found in its filings with Canadian and United States securities regulators. While Enbridge provides the FLI in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any FLI provided herein or otherwise, whether as a result of new information, future events or otherwise. All FLI in this news release is expressly qualified in its entirety by these cautionary statements.
About Enbridge Inc.
Enbridge is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation. The Company safely delivers an average of 2.9 million barrels of crude oil each day through its Mainline and Express Pipeline; accounts for approximately 62% of U.S.-bound Canadian crude oil exports; and moves approximately 22% of all natural gas consumed in the U.S., serving key supply basins and demand markets. The Company's regulated utilities serve approximately 3.7 million retail customers in Ontario, Quebec, and New Brunswick. Enbridge also has interests in more than 1,700 MW of net renewable generating capacity in North America and Europe. The Company has ranked on the Global 100 Most Sustainable Corporations index for the past nine years; its common shares trade on the Toronto and New York stock exchanges under the symbol ENB.
Life takes energy and Enbridge exists to fuel people's quality of life. For more information, visit www.enbridge.com.
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SOURCE Enbridge Inc.