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Pembina Pipeline To Acquire Inter Pipeline In C$8.3 Bln Deal - Quick Facts

Pembina Pipeline Corp. (PBA,PPL.TO) agreed to acquire Inter Pipeline Ltd. (IPL.TO) in a share-for-share transaction, which values Inter Pipeline common shares at about
C$8.3 billion.

As per the terms of the deal, Inter Pipeline shareholders will receive 0.5 of a share of Pembina for each share of Inter Pipeline that they own. The consideration to be received by Inter Pipeline shareholders is valued at C$19.45 per Inter Pipeline share based on the closing price of Pembina common shares on May 31, 2021, which represents a premium of about 17.8 percent to the value implied by the takeover bid announced by Brookfield Infrastructure Corporation.

The transaction is valued at about C$15.2 billion, including the assumption of Inter Pipeline's debt. Pembina and Inter Pipeline shareholders are expected to own 72 percent and 28 percent of the combined company, respectively.

The combined entity will continue to be led by Pembina's senior executive team. Representation from Inter Pipeline on Pembina's board of directors will be determined prior to closing of the Transaction.

The transaction is expected to close in the fourth quarter of 2021.

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