(Reuters) - Energy company Pembina Pipeline Corp (PPL.TO) said it has received approval from the Canadian Competition Bureau on Wednesday, to buy Kinder Morgan Canada Ltd KML.TO.
The company said the approval satisfies the last regulatory condition necessary for the deal to close.
In August, Pembina Pipeline had agreed to buy Kinder Morgan Canada and the U.S. portion of the Cochin pipeline for C$4.35 billion ($3.27 billion), bulking up its storage resources in Canada.
Pembina’s deal follows an unsolicited bid for rival Inter Pipeline Ltd (IPL.TO), highlighting growing interest in the midstream business of transporting and storing crude.
The deal is expected to close next month, and is contingent on approval by Kinder Morgan Canada shareholders at a special meeting scheduled on Dec. 10.
Reporting by Shradha Singh in Bengaluru; Editing by Rashmi Aich