Pembina Pipeline Corp. and Inter Pipeline Ltd. have entered into an arrangement agreement on June 1 for Pembina to acquire all of the issued and outstanding shares of Inter Pipeline in a share-for-share transaction, which values Inter Pipeline common shares at approximately CA$8.3 billion (US$6.9 billion), or $19.45 per share, based on the closing price of Pembina's common shares on May 31, 2021.

Inter's assets include over 7,000 km (4,300 miles) of pipelines and five million barrels of oil storage in Western Canada, as well as natural gas liquids' processing plants.

The deal comes nearly four months after Inter launched a strategic review as it fended off a CA$7.1 billion hostile takeover bid from investment firm Brookfield Infrastructure Partners.

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