Brookfield Infrastructure Partners LP completed the C$4.3 billion acquisition of all the issued and outstanding common shares of Enercare Inc., according to an Oct. 16 announcement.

Enercare provides residential infrastructure including water heaters, furnaces, air conditioners and other home services to approximately 1.6 million customers annually. The company also has a nonutility submetering business, with electricity, water, thermal and gas metering contracts for condominium and apartments complexes through its Triacta brand.

Under the agreement, Brookfield acquired all outstanding common shares of Enercare for C$29 per share. Eligible shareholder residents in Canada who elected to do so received 0.5509 of Brookfield Infrastructure Partners Exchange LP units, described as the exchangeable units, for each Enercare share.

Enercare said 5,726,170 exchangeable limited partnership units were issued. Each exchangeable unit can be exchanged for one nonvoting limited partnership unit of Brookfield Infrastructure Partners. The Brookfield Infrastructure Partners units issuable on exchange for the exchangeable units have been conditionally approved for listing on the Toronto Stock Exchange and the New York Stock Exchange.

Following this development, Enercare's common shares will be delisted from the Toronto Stock Exchange at the close of business Oct. 17.

Enercare subsidiary Enercare Solutions Inc. will continue to be a reporting issuer under applicable Canadian securities laws in connection with its outstanding public debt.