SEP Spectra Energy Partners, LP Common Units Representing Limited Partner Interests (delisted)

By Allison Prang 

Oil and gas-pipeline operator Enbridge Inc. has reached a deal to buy the rest of Spectra Energy Partners LP for about $3.3 billion in stock.

Calgary-based Enbridge, which already owns about 83% of Spectra, is offering about 1.11 of its shares for each unit of Spectra.

The deal announced Friday comes after Enbridge proposed a deal in May to buy out Spectra unitholders, offering about 1.01 shares in Enbridge for each unit of Spectra it didn't own. Spectra's board delegated a committee of independent directors to evaluate the May proposal. That same committee recommended the full board approve the latest Enbridge offer.

Spectra unitholders collectively would own about 5% of Enbridge shares after the transaction closes.

Spectra, based in Houston, has over 15,000 miles in transmission pipelines and stores natural gas and crude oil.

Spectra rose 5.7% in premarket trading on low volume.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

August 24, 2018 08:19 ET (12:19 GMT)

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