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Pembina Pipeline acquires Provident Energy for $3.2 billion

The agreement creates one of the largest public energy infrastructure companies in Canada, which is valued at $7.9 billion


January 16, 2012
by The CANADAN PRESS

CALGARY—Pembina Pipeline Corp. has purchased the outstanding shares of Provident Energy Ltd. in deal worth $3.2 billion.

The oil and gas pipeline operator says the agreement creates one of Canada’s largest publicly traded energy infrastructure companies, with a market capitalization of $7.9 billion.

Pembina Pipeline transports crude oil and natural gas liquids in western Canada and owns and operates oil sands pipelines.

Provident Energy owns and manages a natural gas liquids infrastructure and logistics business.

Once the deal is complete, the combined entity will operate under the Pembina name and be led by a combination of Pembina and Provident executives.