Enbridge Inc. and Spectra Energy Corp have entered into a definitive merger agreement under which Enbridge and Spectra Energy will combine in a stock-for-stock merger transaction, which values Spectra Energy common stock at approximately C$37 billion (US$28 billion), based on the closing price of Enbridge's common shares on September 2, 2016. The combination will create the largest energy infrastructure company in North America and one of the largest globally based on a pro-forma enterprise value of approximately C$165 billion (US$127 billion). The Transaction was unanimously approved by the Boards of Directors of both companies and is expected to close in the first quarter of 2017, subject to shareholder and certain regulatory approvals, and other customary conditions.
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Spectra Energy Corp has announced its indirect subsidiary, Westcoast Energy Inc., has entered into a definitive agreement to sell its ownership interests in Spectra Energy's Canadian natural gas liquids (NGL) business to Plains Midstream Canada ULC, a large-scale, experienced operator in the Canadian NGL space, for a cash purchase price of approximately C$200 million plus customary closing adjustments.