Enbridge’s Massive $37 Billion Deal
CBJ — Enbridge plans to buy Spectra Energy of Houston in an all-stock deal valued at about $37 billion to create the largest North American energy infrastructure company.
The biggest deal in Enbridge’s history will put it alongside transport giants Kinder Morgan and Plains All American Pipeline LP, which have seen their stock prices sink over the last two years as oil and gas producers slash spending on new wells. Enbridge is Canada’s largest pipeline company.
Enbridge Chief Executive Al Monaco will lead the combined company, which will be headquartered in Calgary. Greg Ebel, Spectra’s CEO, will be non-executive chairman.
Enbridge’s pipelines mainly send Canadian oilsands to refiners on the U.S. Gulf Coast, while Spectra’s network ships natural gas to the U.S. East Coast.
