Pembina Pipeline Corp. announced on Monday that they have completed their previously scheduled acquisition of a stake in the Alliance, Aux Sable, and NRGreen joint ventures from Enbridge Inc. This acquisition has resulted in Pembina Pipeline growing its share in Alliance and Aux Sable.
The overall cost of this transaction was around $3.1 billion. Part of the funding for this acquisition was sourced from the net proceeds of Pembina's subscription receipt offering of $1.28 billion, which was concluded on December 19, 2023.
On March 28, 2024, Pembina made a cash payment of $0.6675 per subscription receipt to the holders of these receipts as recorded on March 15, 2024.
Alongside the closing of this deal, Pembina has revised its 2024 EBITDA forecast range. It now projects an adjusted EBITDA from $4.05 billion to $4.30 billion. This is a significant increase from the former range of $3.725 billion to $4.025 billion.
This updated outlook primarily accounts for the increased contributions from the growing share in Alliance and Aux Sable, as well as a promising projection in the marketing side of the business.
