Indigenous Communities To Buy 11.57% Stake In Seven Enbridge-operated Pipelines In Northern Alberta

(RTTNews) - 23 First Nation and Métis communities agreed to acquire an 11.57% non-operating interest in seven Enbridge-operated pipelines in the Athabasca region of northern Alberta for $1.12 billion, Enbridge Inc. (ENB, ENB.TO) said in a statement.

Athabasca Indigenous Investments is a newly created limited partnership of 23 diverse Treaty 6 and Treaty 8 First Nations and Métis communities located in northern Alberta, that will steward the communities' investment in seven Enbridge-operated pipelines.

Pipelines included in the transaction are the Athabasca, Wood Buffalo/Athabasca Twin and associated tanks; Norlite Diluent; Waupisoo; Wood Buffalo; Woodland; and the Woodland extension.

Closing of the transaction is expected to occur within the next month.