Brookfield Weighs $5 Billion NorthRiver Sale

Brookfield Infrastructure is gauging buyer interest in its Canadian natural gas pipeline operator as valuations climb.

7 Aug 2026

Brookfield Infrastructure is exploring a potential sale of NorthRiver Midstream in a deal that could value the Canadian natural gas pipeline operator at around C$7 billion, according to people familiar with the matter. The investment firm has been working with bankers in recent weeks to test buyer appetite, though the people cautioned no transaction is guaranteed and Brookfield could still choose to retain the business.

NorthRiver owns pipelines and processing infrastructure moving natural gas from the Montney shale formation in British Columbia and Alberta into larger systems serving customers across Canada and the United States. Brookfield originally assembled the assets after agreeing in 2018 to buy gathering and processing infrastructure from Enbridge for roughly C$4.3 billion, later consolidating the business under the NorthRiver name.

Rising demand for energy infrastructure assets, from both strategic operators and financial buyers, has pushed up sector valuations broadly. That shift is encouraging some long-term owners to test the market for businesses they have held for years. Existing Canadian midstream systems look particularly attractive as permitting hurdles and limited new pipeline construction raise the value of infrastructure already in service.

Brookfield Infrastructure's chief executive, Sam Pollock, had already signaled on an earlier earnings call that the firm was weighing whether to pursue further growth at NorthRiver or capitalize on what he called a pretty constructive market for midstream businesses. That earlier comment suggests the current sale process reflects deliberate evaluation rather than an unplanned move. Both Brookfield and NorthRiver declined to comment on the specifics of any process underway.

A deal of this size would rank among the larger Canadian midstream transactions of the year. For Brookfield, a sale would crystallize gains on an asset base built over roughly eight years; for a buyer, NorthRiver's contracted Montney exposure would offer a foothold in one of western Canada's fastest-growing gas producing regions.