Kirkland Advises KKR on New Joint Venture with Enbridge to Support Investment in the Westcoast Pipeline System in British Columbia

Kirkland & Ellis advised KKR on a definitive agreement to form a new joint venture with Enbridge Inc., subject to the satisfaction of customary closing conditions, led by capital accounts advised by KKR, in collaboration with funds and affiliates managed by Apollo. The joint venture will fund the previously sanctioned Aspen Point and Sunrise Expansion Programs of the Westcoast natural gas pipeline system. The expansions have regulatory approval and are commercially underpinned by long-term take-or-pay contracts. Under the agreement, KKR and Apollo will invest approximately C$2.7 billion to fund the Expansions, including C$0.7 billion of cash to Enbridge at closing, in exchange for an indirect, cumulative 29% interest in the aggregate Westcoast system upon Sunrise entering service. 

Read the transaction press release

The Kirkland team included corporate lawyers John Pitts and Ben Hardison; and debt finance lawyers Roald Nashi and Jacqueline Trudeau.