Brookfield Infrastructure Partners has successfully completed its acquisition of Inter Pipeline.
Shareholders representing 99.91% of Inter Pipeline shares approved the agreed arrangement in a meeting on 28 October 2021. After obtaining the necessary shareholder approvals, Inter Pipeline received a final order of the Court of Queen’s Bench of Alberta approving the arrangement.
For each Inter Pipeline share they hold, shareholders elected to receive either C$20 (€13.90) in cash, 0.250 of a class A exchangeable subordinate voting share of Brookfield Infrastructure Partners Corporation, 0.250 of a class B limited partnership unit of Brookfield Infrastructure Corporation Exchange Limited Partnership, or any combination.
The takeover agreement was first announced in September 2021, after months of negotiations. Inter Pipeline shares will be delisted from the Toronto Stock Exchange on 1 November 2021. As previously announced, Christian Bayle, Inter Pipeline president and CEO, and Brent Heagy, CFO, have stepped down from their management positions and Bayle has also resigned from the Inter Pipeline board. Brian Baker has been appointed as interim CEO while a permanent replacement is sought, and Paul Hawksworth has been appointed CFO.