The corporate logo of Pembina Pipeline Corp. (TSX:PPL) is shown.  THE CANADIAN PRESS/HO

Pembina signs deal to sell stake in Key Access Pipeline System

Pembina Pipeline Corp. has signed a deal to sell Pembina Gas Infrastructure’s 50 per cent interest in the Key Access Pipeline System to private equity firm Stonepeak Partners LP for $662.5 million.

Pembina Gas Infrastructure is 60 per cent owned by Pembina and 40 per cent by KKR’s global infrastructure fund.

The deal is expected to close in the first quarter of 2023, subject to approval by the Commissioner of Competition as well as other closing conditions.

The sale came as Pembina says it expects adjusted earnings before interest, taxes, depreciation and amortization between $3.5 billion and $3.8 billion in 2023.

Pembina says the midpoint of the guidance reflects about a five per cent increase in adjusted EBITDA contribution from Pembina’s fee-based business.

The company’s 2023 capital investment program is expected to total $730 million.