KKR and Apollo are investing about $1.9bn (C$2.7bn) in Enbridge's Westcoast natural gas pipeline in British Columbia, forming a joint venture that funds two expansion programmes. Led by KKR in collaboration with Apollo, the deal includes $500m (C$0.7bn) of cash paid to Enbridge at closing. The Calgary-based operator retains majority ownership and day-to-day control.

Enbridge is bringing in institutional capital to share the cost, monetising a minority interest in mature infrastructure while keeping operational control and the economics of the growth projects. The repurchase option gives Enbridge the right to buy back the investors’ stake at any time between the seventh and fourteenth year after closing.