Benzinga | Aug 27, 2021 04:28PM EDT

Brookfield Infrastructure Announces Acquisition Of ~18.4m Additional Inter Pipeline Common Shares

Brookfield Infrastructure Partners L.P. (NYSE:BIP, TSX:BIP), together with its institutional partners (collectively, "Brookfield Infrastructure") are pleased to announce that Brookfield Infrastructure has paid for the additional 18,369,800 Inter Pipeline common shares tendered under its Offer as of August 25, 2021, increasing Brookfield Infrastructure's aggregate ownership of Inter Pipeline's common shares from 68.7% to 73.0%.

Results of Tender

On August 25, 2021, Brookfield Infrastructure took up an incremental 18,369,800 common shares of Inter Pipeline that were tendered pursuant to the Offer after August 20, 2021, during the mandatory extension period. The mandatory extension period will end on September 3, 2021.

Based on the elections made by Inter Pipeline shareholders who tendered to the Offer after the August 20, 2021 expiry and before 7 p.m. (Mountain Time) on August 25, 2021, Inter Pipeline shareholders will receive cash in respect of an aggregate of 16.8 million Inter Pipeline common shares and will receive Class "A" exchangeable subordinate voting shares of Brookfield Infrastructure Partners Corporation ("BIPC Shares") or Exchange LP Units (as defined in the Offer) in respect of an aggregate of 1.6 million common shares of Inter Pipeline. As shareholders elected to receive less BIPC Shares or Exchange LP Units than were available at the August 25 take up date, shareholders that elected to receive BIPC Shares or Exchange LP Units will receive their full election. Accordingly, a total of 0.36 million BIPC Shares and 0.03 million Exchange LP Units will be issued.