BRIEF-Enbridge Energy, Enbridge Inc to acquire equity interest in Bakken Pipeline

Tue Aug 2, 2016 7:46pm EDT
 
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Aug 2 (Reuters) - Enbridge Inc

* Enbridge Energy Partners, L.P. and Enbridge Inc. announce agreement to acquire equity interest in Bakken Pipeline system establishing new path to U.S. Gulf coast

* Formed joint venture, which entered into agreement to acquire 49 percent interest in holding co that owns 75 percent of Bakken Pipeline System

* Mark Maki, president for EEP said investment is expected to be immediately accretive

* Says plans to initially fund its investment in EEP from available liquidity

* Purchase price of EEP's effective 27.6 percent interest in system is $1.5 billion

* Intends to enter into bridge financing arrangement with Enbridge to fund EEP's US$1.5 billion investment at closing

* EEP and Marathon Petroleum Corporation have formed new joint venture Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)