Brookfield Infrastructure Corp. is exploring a potential sale of NorthRiver Midstream in a deal that could value the Canadian natural gas pipeline operator at around C$7 billion ($5 billion), according to sources familiar with the matter. The investment firm has reportedly been working with bankers in recent weeks to gauge interest from potential buyers, although there is no certainty that a transaction will be completed.
NorthRiver Midstream owns pipelines and processing infrastructure that transports natural gas from the Montney shale region in British Columbia and Alberta to major pipeline networks serving customers across Canada and the United States. Brookfield acquired the assets from Enbridge in 2018 for C$4.3 billion and later consolidated them under the NorthRiver brand.
The possible sale comes amid rising demand for energy infrastructure assets from private equity firms, pension funds and other investors seeking stable returns. Limited construction of new oil and gas pipelines in Canada has boosted the value of existing infrastructure, making midstream companies increasingly attractive acquisition targets. Brookfield Chief Executive Sam Pollock had earlier indicated that the company was evaluating both expansion opportunities and the possibility of capitalizing on favorable market conditions for midstream businesses.
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