September 6, 2016 / 12:14 PM / in a year

BRIEF-Enbridge to buy Spectra in a deal valued at about C$37 billion

Sept 6 (Reuters) - Spectra Energy Corp :

* Enbridge and Spectra energy to combine to create North America’s premier energy infrastructure company with C$165 billion enterprise value

* Enbridge and Spectra Energy to combine to create North America’s premier energy infrastructure company with c$165 billion enterprise value

* Spectra Energy shareholders will receive 0.984 shares of combined company for each share of Spectra Energy common stock they own

* Transaction was unanimously approved by boards of directors of both companies and is expected to close in q1 of 2017

* Deal for C$37 billion (US$28 billion)

* Upon completion of transaction, Enbridge shareholders are expected to own approximately 57 percent of combined company

* Consideration to be received by Spectra Energy shareholders is valued at US$40.33 per Spectra Energy share

* Combined company will be called Enbridge Inc

* Upon completion of transaction, Spectra Energy shareholders are expected to own approximately 43 percent of combined co

* Consideration to be received by spectra energy shareholders is valued at US$40.33 per Spectra Energy share

* Upon completion of transaction, Enbridge shareholders are expected to own approximately 57 percent of combined company

* Upon closing of transaction, Al Monaco will continue to serve as president and chief executive officer of combined company

* Greg Ebel will serve as non-executive chairman of Enbridge’s board of directors

* Enbridge expects transaction to be neutral to its 12 percent to 14 percent secured ACFFO per share cagr guidance through 2014-2019

* Enbridge expects it will divest of approximately $2 billion of non-core assets over next 12 months to provide additional financial flexibility

* At closing, Enbridge Energy Partners, Lp and Spectra Energy Partners, Lp are expected to continue to be publicly traded partnerships

* Enbridge income fund holdings will remain a publicly traded corporation

* Transaction allows combined co to extend anticipated 10-12 percent annual dividend growth through 2024

* Combination expected to achieve annual run-rate synergies of C$540 million, majority of which should be achieved in latter part of 2018 Source text for Eikon: Further company coverage:

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