Pembina Pipeline Corp. completed its previously announced acquisition of the Vantage pipeline system and Mistral Midstream Inc.’s interest in the Saskatchewan Ethane Extraction Plant (SEEP) from entities affiliated with Riverstone Holdings LLC.

Pursuant to the Transaction, Pembina acquired all of the equity interests of Vantage Pipeline Canada ULC, Vantage Pipeline US LP and Mistral and repaid Vantage’s bank indebtedness of about $224 million in a transaction valued at about $650 million. Pembina paid $395 million in cash and 5.61 million common shares worth about $255 million to fund the transaction. Pembina funded the cash portion in part with proceeds from its previously announced bought-deal preferred share issuance, which closed on Sept. 11, and with existing credit capacity.

Given the transaction’s effective date of Aug. 1, 2014, Pembina will reimburse the seller for about $23 million that was spent to advance the construction of SEEP between the effective date and the transaction’s closing date. Pembina also reached an agreement to acquire the remaining 10% interest in SEEP, which is expected to close shortly after the transaction. At that time, Pembina will own 100% of the facility, which has a processing capacity 60 million cubic feet per day.