Brookfield Infrastructure & Inter Pipeline Announce Acquisition Transaction & Completion of Offer

Brookfield & Inter Pipeline have entered into an arrangement agreement, under which Brookfield will acquire all remaining Inter Pipeline common shares

Brookfield Infrastructure has taken up all Inter Pipeline common shares that were tendered under the Offer, including the incremental 33.1 million common shares that were tendered during the mandatory extension period.

Upon payment for the incremental Inter Pipeline common shares tendered before the expiry of the Offer, Brookfield Infrastructure will own 76.4% of Inter Pipeline’s common shares.

  • Brookfield Infrastructure and Inter Pipeline Ltd. (“Inter Pipeline”) are pleased to announce that they have entered into an arrangement agreement regarding a statutory plan of arrangement, under which Brookfield Infrastructure will acquire all remaining Inter Pipeline common shares (the “Subsequent Acquisition Transaction”)
  • Brookfield Infrastructure also announces the expiry of its take-over bid dated February 22, 2021 (as amended, the “Offer”) to acquire all of the common shares of Inter Pipeline not owned by Brookfield Infrastructure
  • Upon payment for the Inter Pipeline common shares tendered under the Offer, Brookfield Infrastructure will own 76.4% of Inter Pipeline’s common shares
  • Questions or Need Assistance? Contact Laurel Hill Advisory Group at 1-877-452-7184 or email assistance@laurelhill.com

Regarding Inter Pipeline’s Board

Inter Pipeline has reconstituted its board of directors (the “Board”) to include four Brookfield Infrastructure nominees, comprised of two Brookfield Asset Management Inc. executives, Brian Baker and Jim Reid, and two independent directors recommended by Brookfield Infrastructure: Deborah Close and Glenn Hamilton. The Inter Pipeline Board is comprised of Brian Baker, Christian Bayle, Shelley Brown, Peter Cella, Deborah Close (Chair), Glenn Hamilton and Jim Reid.

Regarding Dividends

The reconstituted Board has suspended Inter Pipeline’s monthly cash dividend, commencing with the September dividend. Inter Pipeline will utilize the retained cash flow to invest in the construction of the Heartland Petrochemical Complex and reduce indebtedness. As previously disclosed, Inter Pipeline’s declared August cash dividend of $0.04 per common share will be paid on or about September 15, 2021 to shareholders of record as of August 23, 2021.

Contact

Have questions? Require assistance depositing your shares in support of Brookfield? Contact Brookfield’s Information Agent and Depositary:

Laurel Hill Advisory Group
Email: assistance@laurelhill.com 
Tel:
1-877-452-7184 (North American Toll-Free Number)
Tel: 416-304-0211 (outside North America)

Investor Relations

Jeremy Roberge
Vice President, Finance and Investor Relations
Email: investorrelations@interpipeline.com
Tel: 403-290-6015 or 1-866-716-7473

Media Relations

Breanne Oliver
Company Spokesperson
Email: mediarelations@interpipeline.com
Tel: 587-475-1118 or 1-866-716-7473

Stay up to date

Follow Inter Pipeline’s Twitter and LinkedIn accounts to stay up to date on the latest news.

For more information, visit Brookfield’s website.