Canadian SemCAMS buys Meritage Midstream for $449 mln

Canadian midstream infrastructure platform SemCAMS Midstream ULC has agreed to purchase oil and gas company Meritage Midstream ULC and its midstream infrastructure assets for 600 million Canada dollar ($449 million).

SemCAMS Midstream, a new joint venture formed by U.S.-based oil and gas company SemGroup and investment firm KKR, said that the move expands and diversifies its portfolio, accelerating growth plan for Canada.

Following the close of the deal, SemCAMS Midstream will acquire Meritage's assets including operating portfolio of natural gas capacity. 

Additionally, the company will also acquire 38 miles of oil pipelines and 18 miles of emulsion and gas lift pipelines in the liquids-rich Montney play.