CALGARY – Enbridge Inc. has signed a deal to acquire the outstanding public units in Spectra Energy Partners LP it doesn’t already hold in a transaction valued at $4.3 billion.
Under the deal, Spectra unitholders will receive 1.111 Enbridge shares for each common unit.
Spectra Energy Partners is a master limited partnership and owns interests in pipeline and storage facilities for natural gas and crude oil.
Enbridge is the leading investor in the business, but the Houston-based company also has other investors.
Enbridge says the deal addresses changes caused by the loss of a U.S. tax allowance that will affect certain interstate pipelines held within master limited partnerships.
It also says the deal helps simplify and streamline its corporate structure.
News from © Canadian Press Enterprises Inc. 2019