(Reuters) - Enbridge Inc said on Wednesday it would sell its Canadian natural gas gathering and processing business to Brookfield Infrastructure Partners LP and its institutional partners for about C$4.31 billion ($3.28 billion), as part of a move to recast itself as a pipeline utility.
The business includes 19 natural gas processing plants and liquids handling facilities and is spread across Montney, Peace River Arch, Horn River and Liard basins in British Columbia and Alberta, Enbridge said.
“The sale ... significantly advances our strategic priority of moving to a pure play regulated pipeline and utility business model,” Enbridge Chief Executive Officer Al Monaco said.
Calgary-based Enbridge, which has been under pressure to sell noncore assets and reduce its debt, said in May it would buy its independent units including Spectra Energy Partners and Enbridge Energy Partners as well as its pipeline assets and bring then under a single listed entity.
Enbridge said its three-year financial guidance remained unchanged.
Brookfield Infrastructure, a part of Brookfield Asset Management Inc, is an infrastructure company, owning assets in the utilities, transport, energy and communications infrastructure sectors.
RBC Capital Markets is the financial adviser for Enbridge.
Reporting by Arunima Banerjee in Bengaluru; Editing by Chizu Nomiyama and Matthew Lewis