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

   By Aisha Al-Muslim 
 

Oil and gas pipeline operator Enbridge Inc. (ENB) has reached a deal with Enbridge Income Fund Holdings Inc. to acquire all of the public shares of the fund in a transaction valued at C$4.7 billion ($3.61 billion).

Under the deal, each share of Enbridge Income Fund, or ENF, will be exchanged for 0.7350 of an Enbridge share and cash of 45 Canadian cents, Calgary-based Enbridge announced Tuesday. The exchange ratio together with the cash represents about a 19% premium to the closing price of an ENF share on May 16, the last trading day before the announcement of the offer, Enbridge said.

ENF shareholders will also be entitled to receive Enbridge's fourth-quarter dividend and ENF's monthly dividends through to closing of the arrangement, subject to adjustments. Enbridge's current three-year financial guidance includes a 10% dividend growth rate through 2020.

The deal is subject to approval by ENF shareholders. The transaction is expected to close in mid-November.

ENF's sole asset is its investment in the Enbridge Income fund, which owns interests in liquids and gas pipeline systems controlled by Enbridge, including the Canadian Mainline Pipeline System.

The agreement represents Enbridge's efforts to simplify its corporate structure and bring all of the core liquids and gas pipeline assets under the umbrella of a single publicly-traded company, Enbridge said.

Last month, Enbridge Inc. reached a deal to buy the rest of Spectra Energy Partners LP for about $3.3 billion in stock. Enbridge, which owns about 83% of Houston-based Spectra, is offering about 1.11 of its shares for each unit of Spectra it doesn't already own.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

September 18, 2018 08:56 ET (12:56 GMT)

Grafico Azioni Spectra Energy Partners, LP Common Units Representing Limited Partner Interests (delisted) (NYSE:SEP)
Storico
Da Dic 2024 a Gen 2025

Grafico Azioni Spectra Energy Partners, LP Common Units Representing Limited Partner Interests (delisted) (NYSE:SEP)
Storico
Da Gen 2024 a Gen 2025