(THE CANADIAN PRESS/Jeff McIntosh.)

Enbridge to sell natural gas processing business to Brookfield group for $4.31B

CALGARY — Enbridge Inc. has signed a deal to sell its Canadian natural gas gathering and processing business in the Montney, Peace River Arch, Horn River and Liard basins in B.C. and Alberta to Brookfield Infrastructure and its partners for $4.31 billion.

The midstream assets includes 19 natural gas processing plants and liquids handling facilities, with a total operating capacity of 3.3 billion cubic feet per day and 3,550 kilometres of natural gas gathering pipelines.

Enbridge has been selling non-core assets in an effort to reduce debt.

Chief executive Al Monaco says with $7.5 billion in deals announced this year the company has more than doubled its initial target of $3 billion.

Enbridge says it will continue to hold its long-haul regulated natural gas transmission assets which include the Westcoast transmission system in British Columbia and the Alliance pipeline that carries natural gas from Western Canada to the Chicago market.

The deal, which is subject to a number of customary conditions, is expected to close in two phases, with the facilities subject to provincial regulation expected to close this year and those under federal rules anticipated to close in mid-2019.

Companies in this story: (TSX:ENB, TSX:BIP.UN)

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