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Algonquin wraps purchase of New Brunswick gas utility business from Enbridge

Algonquin Power & Utilities Corp. announced Oct. 1 that it closed its acquisition of Enbridge Inc.'s natural gas distribution business in New Brunswick.

Algonquin subsidiary Liberty Utilities Group acquired Enbridge Gas New Brunswick Inc. and Enbridge Gas New Brunswick LP for C$331 million in cash.

Under the deal, Algonquin plans to establish a C$5 million fund called "Fuel for the Future" that will aim to increase natural gas accessibility in New Brunswick.

Enbridge Gas New Brunswick operates about 1,200 kilometers of natural gas distribution pipeline and provides natural gas to roughly 12,000 customers across New Brunswick.