Enbridge Selling Gas Company for $331 Million
CBJ — Enbridge has signed a deal to sell its natural gas distribution business in New Brunswick to Algonquin Power and Utilities Corp. for $331 million in cash.
Enbridge Gas New Brunswick operates and maintains more than 1,200 km of natural gas distribution pipeline in 12 communities in New Brunswick with 12,000 customers.
The company says employees, customers, partners and suppliers can expect no change to the day-to-day operations as it works to complete the deal.
Algonquin plans to maintain local employment and the existing operating and management structure.
The sale is subject to regulatory approvals and other customary closing conditions.
It is expected to close in 2019.
Enbridge is a multinational energy transportation company with headquarters in Calgary with annual revenues in excess of $30 billion per year.