Brookfield Infrastructure Partners LP, together with its institutional partners and Inter Pipeline Ltd have announced the successful completion of Brookfield Infrastructure’s strategic acquisition of Inter Pipeline pursuant to the previously announced statutory plan of arrangement under the Business Corporations Act.
The arrangement was approved by 99.9 percent of the votes cast by holders of common shares of Inter Pipeline present in person (virtually) or represented by proxy at the special meeting of Inter Pipeline, and 99.90 percent of the votes cast by shareholders, excluding the votes required to be excluded in determining minority approval of a business combination under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
After obtaining the requisite shareholder approvals at the meeting, Inter Pipeline received a final order of the Court of Queen’s Bench of Alberta approving the arrangement.
As previously announced, effective upon closing of the arrangement, each of Christian Bayle, president and CEO and Brent Heagy, CFO, stepped down from their management positions with Inter Pipeline and Bayle also resigned from the board of directors of Inter Pipeline.
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