Enbridge, Spectra Energy Close Merger as Planned
02.28.2017 - NEWS

February 28, 2017 [OPIS] - Enbridge and Spectra Energy said that the previously announced merger of the two companies has closed on Monday as planned.


Trading in shares of Spectra Energy common stock on the New York Stock Exchange (NYSE) will be suspended effective as of the opening of trading today.

In connection with the completion of the merger, the shares of common stock of Spectra Energy will be delisted from the NYSE and will be de-registered under the U.S. Securities Exchange Act of 1934.

Common shares of Enbridge will continue to trade on both the NYSE and the Toronto Stock Exchange under the symbol “ENB”.

“With the completion of the transaction, Enbridge will become a leading global energy infrastructure company and the largest in North America with roughly C$166 billion (US$126 billion) in enterprise value and the strongest liquids and natural gas infrastructure franchises on the continent,” said Al Monaco, CEO of Enbridge, last week.

Spectra’s CEO Greg Ebel will become chairman of Enbridge.

Based in Houston, Texas, Spectra’s operations in the U.S. and Canada include approximately 21,000 miles of natural gas and crude oil pipelines; approximately 300 billion cubic feet of natural gas storage; 5.6 million bbl of crude oil storage; as well as natural gas gathering, processing, and local distribution operations, according to Spectra.

Spectra Energy said that it is the general partner of Spectra Energy Partners, one of the largest pipeline master limited partnerships in the U.S. and owner of the natural gas and crude oil assets in Spectra Energy’s U.S. portfolio.

Spectra Energy also has an equity ownership in DCP Midstream, which is the general partner of DCP Midstream, the largest natural gas liquids producer and the largest natural gas processor in the U.S., and the largest gathering and processing master limited partnership in the U.S., according to Spectra.

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