Pembina Pipeline to buy Provident Energy for C$3.24 billion

Mon Jan 16, 2012 7:28am EST
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(Reuters) - Pembina Pipeline (PPL.TO: Quote) said it will buy Provident Energy PVE.TO for about C$3.24 billion ($3.16 billion) in an all-stock deal, to boost its presence in the North American energy infrastructure sector.

Calgary-based Pembina will pay Provident shareholders 0.425 of its stock for each Provident share.

The deal represents a premium of about 24 percent to Provident's Friday close.

(Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)