Enbridge selling N.B. gas distribution arm for $331 million
Enbridge company logos are shown on display at the company's annual meeting in Calgary, May 12, 2016. (Jeff McIntosh / THE CANADIAN PRESS)
The Canadian Press
Published Tuesday, December 4, 2018 10:18AM EST
CALGARY -- Enbridge Inc. 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 says it 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.