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September 6, 2016 Comments Off on Enbridge to Pay $28B for Spectra Energy Views: 1424 Houston-Galveston, National News, Southwest, Texas, Texas News

Enbridge to Pay $28B for Spectra Energy

Canadian pipeline company Enbridge Inc. entered into an agreement to buy Houston-based Spectra Energy Corp. in an all-stock deal valued at approximately $28 billion. The merger, expected to close early next year, will create the largest energy infrastructure company in North America.

The acquisition will give Enbridge, headquartered in Calgary, a natural gas-focused network. It will also provide the Canadian crude-hauler a way to diversify into natural gas. Spectra has pipelines in the Marcellus basin in the eastern United States, and controls one of the largest natural gas pipelines into New York City.

“Bringing Enbridge and Spectra Energy together makes strong strategic and financial sense, and the all-stock nature of the transaction provides shareholders of both companies with the opportunity to participate in the significant upside potential of the combined company,” said Enbridge CEO Al Monaco.

Read More at Wall Street Journal

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