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Paul, Weiss Advises Pembina Pipeline Corp. in the Purchase of Provident Energy Ltd.
Practices
As has been widely reported in Bloomberg Businessweek; The Deal Pipeline; The New York Times Dealbook; and The Wall Street Journal MarketWatch, Paul, Weiss client Pembina Pipeline Corp., an operator of Canadian gas and oil pipelines, has agreed to buy Provident Energy Ltd. for $3.1 billion. The two companies are combining amid increased production of oil sands and shale gas in Alberta and British Columbia and near-record low prices for natural gas. The addition of Provident's natural gas liquids extraction, storage and transportation services to Pembina's 4,661 mile network will create one of Canada's largest publicly traded energy-infrastructure companies.
The Paul, Weiss team included corporate partner Andrew J. Foley, counsel Richard S. Elliott and Didier Malaquin and tax partner David W. Mayo. Blake, Cassels & Graydon LLP is acting as Canadian legal advisor to Pembina.