Enbridge and Spectra Energy Complete Merger
February 24, 2017
The merger makes Enbridge a leading global energy infrastructure company and the largest in North America, with roughly $166 billion in enterprise value.
The transaction means that Enbridge will have a substantial capital project portfolio, including $27 billion of commercially secured growth projects coming into service between 2017 and 2019, and a $48 billion probability-weighted development project portfolio.
The combined company will have about 17,000 employees in total, and be headquartered in Calgary, Alberta. Edmonton will remain the business unit centre for liquids pipelines, with the business unit centers for gas distribution continuing to be based in Ontario. Houston, Texas will be the combined company’s gas pipelines business unit centre.
“We are very pleased to have now received all required regulatory clearances and we look forward to realizing the significant customer and shareholder benefits of combining these two strong companies,” says Al Monaco, Enbridge President and CEO.
“A significant amount of collaboration has allowed us to get to this point. The two companies have completed extensive planning in advance of closing and will be focused on a successful integration. Our teams are well prepared to ensure a smooth transition for our customers, employees and other stakeholders, while maintaining a sharp focus on our number one priority — the safety and reliability of our networks. We look forward to realizing the benefits of this strategic combination while delivering the energy people want and need.”
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