Enbridge Inc. acquires Spectra Energy Partners for C$4.3B

Date Closed

December 17, 2018

Lead Office

Calgary

Value

4.30 Billion CAD

On December 17, 2018, Enbridge Inc. announced that it has completed its previously announced acquisition of all of the outstanding shares of Spectra Energy Partners LP ("Spectra") for C$4.3 billion. Under the agreement, unitholders of Spectra received 1.111 common shares of Enbridge for each common unit of Spectra, a 9.8% increase from Enbridge’s previous offer in May. Spectra’s common shares were subsequently delisted from the New York Stock Exchange.

The acquisition is part of Enbridge’s strategy to simplify its corporate structure following significant weakening of the master limited partnership (MLP) capital markets in the United States.

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.

Spectra is one of the largest MLPs in the United States. Based in Houston, Spectra owns interests in pipeline and storage facilities that connect growing supply areas to high-demand markets for natural gas and crude oil.

McCarthy Tétrault LLP advised Enbridge with a team led by John Osler that included Jeremy Busch-Howell, Michael Bennett, Elaine Sun and Michael Shahinian (Business Law), and Robert Nearing and Jeremy Ho (Tax).

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