Canadian Manufacturing

Enbridge announces $4.3B deal with Spectra Energy Partners

Enbridge is the leading investor in the business, but the Spectra Energy Partners also has other investors


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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. 2016

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