Enbridge selling Alberta pipeline stakes to Indigenous groups for $1.12B

Enbridge Inc. announced the sale of a minority stake in seven of its Alberta pipelines to almost two dozen Indigenous communities in what's being described as the largest transaction of its nature to date in North America.

In a report to clients, RBC Capital Markets analyst Maurice Choy said the size of the deal isn’t “particularly material” for Enbridge. However, he estimated it will help the company’s debt metrics.

In the release, Enbridge president and Chief Executive Officer Al Monaco said the transaction “fully aligns with our priority to recycle capital at attractive valuations, which can be used to fund numerous growth opportunities within our conventional and low carbon platforms."