Enbridge announced another round of asset sales on Wednesday, striking a deal to sell its natural gas gathering and processing business in British Columbia and Alberta to Brookfield Infrastructure and its institutional partners for $4.31 billion in cash. 

"When combined with asset monetizations announced in May, the sale of our Canadian G&P Business significantly advances our strategic priority of moving to a pure play regulated pipeline and utility business model,” said Enbridge CEO Al Monaco in a statement.

Enbridge has been on a mission to clean up its balance sheet in the wake of its $37-billion takeover of Spectra Energy in 2016. Last November, Enbridge said it had identified $10-billion worth of non-core assets and was aiming to raise at least $3 billion in divestitures this year.

In May, Enbridge exceeded that target by selling a stake in some of its renewable assets to Canada Pension Plan Investment Board for $1.75 billion and separately announced the sale of Midcoast Operating for US$1.12 billion.

Enbridge’s oil-pipelines business also got good news last week, when Minnesota regulators approved the replacement and expansion of its Line 3 conduit.

For Brookfield, Canada’s largest alternative-asset manager, the purchase through its Brookfield Infrastructure Partners LP unit marks another big step into the business of distributing gas. In 2016, Brookfield led a group of investors that bought a 90 per cent stake in a Brazilian network of gas pipelines, storage and processing plants from Petroleo Brasileiro SA for $5.2 billion.

Enbridge rose 1.6 per cent to $47.13 at 2:22 p.m. in Toronto. The stock had slid 5.6 per cent this year through Tuesday. 

RBC Capital Markets served as financial advisor to Enbridge on its deal with Brookfield.

With files from Bloomberg News' Kevin Orland