Q: Any comments on the news from these companies with ENB announcing some asset sales and BNS investor day?
Thx
Thx
5i Research Answer:
BNS is posted now.
ENB announced it is selling its stakes in the Alliance pipeline and Aux Sable gas processing facility to Pembina Pipeline Corp (PPL) for $3.1B. ENB stated the proceeds from the sale will fund a portion of its previously announced US$14B acquisition of three U.S.-based gas utilities from Virginia-based Dominion Energy. We think this is a fine move for now with ENB likely wanting some cash to funds its own acquisition. Some investors have expressed concerns on the debt level, so this will alleviate some of those.