08:42 AM EDT, 07/02/2024 (MT Newswires) -- Pembina Pipeline ( PBA ) said Tuesday that Pembina Gas Infrastructure, a gas processing joint venture with KKR (KKR), has agreed to acquire a 50% working interest in Whitecap Resources' Kaybob Complex.

Whitecap will continue to operate the assets at the Kaybob Complex and will enter into a long-term take-or-pay agreement for Pembina Gas' capacity in the complex, Pembina said.

The deal includes an agreement to fund future infrastructure development for Whitecap's Lator growth area, which Pembina Gas will own, Pembina said.

Gross proceeds from the deal will be 420 million Canadian dollars ($305.8 million), Pembina said.

The deal is slated to be completed in Q3.