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Shareholders in Enbridge affiliates approve $3.5B roll-up merger

Holders of Enbridge Energy Partners LP and Enbridge Energy Management LLC voted to approve the entities' $3.5 billion merger into sponsor Enbridge Inc.

Under the agreement with Enbridge Energy Partners, unit holders would receive 0.335 Enbridge share for each unit held. A separate agreement with Enbridge Energy Management involves its shareholders also getting 0.335 Enbridge share for each listed share.

Enbridge Energy Partners and Enbridge Energy Management will become indirect, wholly owned subsidiaries of Enbridge upon closing of the deals, which is expected Dec. 20, according to a Dec. 17 release.

The roll-up is part of a series of deals to be completed in the fourth quarter designed to simplify Enbridge's corporate structure. Enbridge in November completed its merger with Enbridge Income Fund Holdings Inc., while the deal to amalgamate with Spectra Energy Partners LP was closed in December.