Enbridge Inc. acquires Enbridge Income Fund Holdings Inc.

Date Closed

November 08, 2018

Lead Office

Calgary

Value

4.70 Billion CAD

On November 8, 2018, Enbridge Inc. completed its acquisition of all issued and outstanding public common shares of Enbridge Income Fund (ENF) for 0.7350 of a common share of Enbridge and $0.45 per ENF share in cash. The agreement is valued at C$4.7 billion ($US3.6 billion), and is part of a larger portfolio of transactions aimed at simplifying Enbridge's corporate structure.

The deal is subject to approval from ENF shareholders, as well as regulatory approvals and other customary closing conditions, and must be approved by the Court of Queen’s Bench of Alberta. The deal is expected to close in November of 2018.

Enbridge is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation. 

ENF is Enbridge’s energy asset management unit, primarily focused on investors seeking low-risk energy infrastructure assets.

McCarthy Tétrault LLP advised Enbridge with a team led by John Osler that includes Jeremy Busch-Howell, Michael Bennett, Elaine Sun and Michael Shahinian.

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