Enbridge and Spectra Energy to merge in 2017

Enbridge Inc. (Enbridge) and Spectra Energy Corp. (Spectra) have entered into a definitive merger agreement under which Enbridge and Spectra will combine in a stock-for-stock merger transaction. The combination will create one of the largest energy infrastructure companies in North America and one of the largest globally based on a pro-forma enterprise value of approximately $127 B. The transaction was unanimously approved by the boards of directors of both companies, and is expected to close in Q1 of 2017, subject to shareholder and certain regulatory approvals, and other customary conditions. The combined company will be called Enbridge Inc.

This combination brings together two highly complementary platforms to create North America's largest energy infrastructure company and enhances customer optionality. With an asset base that includes a diverse set of assets comprised of crude oil, liquids and natural gas pipelines, terminal and midstream operations, a regulated utility portfolio and renewable power generation, the combined company will be positioned to provide integrated services and first and last mile connectivity to key supply basins and demand markets.

The headquarters of the combined company will be in Calgary, Alberta. Houston, Texas will be the combined company's gas pipelines business unit center; Edmonton, Alberta will remain the business unit center for liquids pipelines, with gas distribution continuing to be based in Ontario.

 

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