Enbridge, KKR form joint venture for Westcoast pipeline expansion

Enbridge Inc. has secured $2.7 billion from Apollo Asset Management and KKR & Co. to fund expansions of its natural gas pipelines in British Columbia. The firms will receive a 29% interest in the Westcoast pipeline system. The Sunrise expansion will increase capacity to 3.9 billion cubic feet per day by 2028, while Aspen Point is expected to add 500 million cubic feet per day by late 2025.

Enbridge Inc. agreed to buy Salt Creek Midstream's crude gathering business for $600M, adding 420K barrels/day capacity. The deal includes assets in the Permian Basin, with completion expected by year-end. Enbridge also reported a CAD 41B secured growth backlog and began construction on the Line 5 relocation project in Wisconsin.

Apollo Global Management (NYSE:APO) is buying a co-controlling stake in Atlantic Aviation from KKR (NYSE:KKR) for $10 billion. KKR retains a significant stake. Atlantic Aviation is a leading U.S. provider of fixed-base operator services. Both firms have extensive infrastructure investment experience.

Enbridge Inc. (ENB-T) secured a $2.7-billion investment from KKR & Co. and Apollo Global Management for a 29% stake in its Westcoast pipeline network, facilitating a $4-billion expansion project in B.C. The deal allows Enbridge to recycle capital and maintain financial flexibility, with completion expected by 2028.

Apollo Global Management (APO) and KKR & Co. (KKR) formed a partnership to back Atlantic Aviation, valuing it at nearly $10 billion. Apollo-managed funds acquired a significant stake, while KKR remains a substantial shareholder. Atlantic Aviation provides aviation infrastructure services across U.S. airports. Pre-market, KKR shares were down 0.57% at $107.88, and Apollo shares fell 0.13% to $133.50.

Enbridge Inc. has partnered with KKR and Apollo to fund its Westcoast natural gas pipeline system expansions. The investors will contribute $2.7 billion, receiving 29% interest in the system. Enbridge retains majority control and may repurchase the interest between years 7-14. Distributions will begin as each project enters service, starting with Aspen Point this year and Sunrise in late 2028.