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
Pembina Pipeline Corp.
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.