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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Pembina Pipeline Corporation    PPL   CA7063271034

PEMBINA PIPELINE CORPORATION

(PPL)
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Pembina Pipeline to Acquire Kinder Morgan Entities for $3.27 Billion -- Update

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08/21/2019 | 08:33am EDT

By Dave Sebastian

Pembina Pipeline Corp said Wednesday it has agreed to acquire Kinder Morgan Canada Ltd. (KML) and the U.S. portion of the Cochin pipeline system from Kinder Morgan.

Pembina values the deals at C$4.35 billion ($3.27 billion), including debt. Kinder Morgan Inc. is set to receive roughly $2.5 billion as part of the deals.

The Canadian pipeline-transport company said it will acquire the U.S. portion of the Cochin pipeline, which spans from Chicago to Fort Saskatchewan, Alberta, for $1.55 billion in cash, which Pembina values at C$2.05 billion.

Pembina said it would acquire Kinder Morgan Canada for C$2.3 billion including Kinder Morgan Canada's preferred shares and outstanding net debt. Kinder Morgan will receive 25 million shares of Pembina, or roughly $927.3 million, based on Pembina's closing price on Tuesday.

Pembina said it would issue 0.3068 of its common shares for each outstanding restricted-voting share and Class B unit of Kinder Morgan Canada. The exchange ratio represents a 32% premium over Pembina and Kinder Morgan Canada's 30-day volume-weighted average prices of C$48.96 and C$11.37, respectively, Pembina said.

The deals would add to Pembina's adjusted cash flow per share as well as increase the company's fee-for-service and take-or-pay component of adjusted earnings before interest, taxes, depreciation and amortization.

Pembina said its board of directors approved an increase of a penny a share, or about 5%, to its monthly dividend rate, subject to the closing of the transaction.

Stocks mentioned in the article
ChangeLast1st jan.
KINDER MORGAN CANADA LIMITED -0.21% 14.21 Delayed Quote.-70.20%
KINDER MORGAN, INC. 0.39% 20.4 Delayed Quote.32.12%
PEMBINA PIPELINE CORPORATION -0.34% 46.84 Delayed Quote.16.02%
WTI 2.79% 55.7 Delayed Quote.18.22%
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Financials (CAD)
Sales 2019 7 487 M
EBIT 2019 2 174 M
Net income 2019 1 569 M
Debt 2019 9 694 M
Yield 2019 4,99%
P/E ratio 2019 15,4x
P/E ratio 2020 18,3x
EV / Sales2019 4,50x
EV / Sales2020 4,50x
Capitalization 23 964 M
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Technical analysis trends PEMBINA PIPELINE CORPORATI
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TrendsBearishBearishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 56,08  CAD
Last Close Price 46,84  CAD
Spread / Highest target 32,4%
Spread / Average Target 19,7%
Spread / Lowest Target 4,61%
EPS Revisions
Managers
NameTitle
Michael H. Dilger President, CEO & Non-Independent Director
Randall J. Findlay Chairman
Jason Travis Wiun COO-Pipeline & Senior Vice President
J. Scott Burrows Chief Financial Officer & Senior Vice President
Allan Charlesworth Vice President-Technical Services
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ENTERPRISE PRODUCTS PARTNERS L.P.11.83%60 198
TC ENERGY CORPORATION38.32%48 066
KINDER MORGAN, INC.32.12%46 024
MPLX LP-10.43%29 125