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Spectra Energy Partners unit holders approve merger with Enbridge


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Spectra Energy Partners unit holders approve merger with Enbridge

A large majority of Spectra Energy Partners LP unit holders voted to approve the master limited partnership's $3.3 billion merger into sponsor Enbridge Inc.

Of the 484,896,871 Spectra common units entitled to vote, 435,055,849 voted in favor of the merger, 2,940,813 voted against the deal and 141,914 abstained. according to a Form 8-K filed Dec. 13. Spectra will become a wholly owned subsidiary of Enbridge upon closing of the deal, which is expected Dec. 17.

Under the deal, Enbridge would buy all of Spectra's 81.9 million outstanding common units at an exchange ratio of 1.111 Enbridge common share for each Spectra common unit.

The merger is part of a series of moves to be completed in the fourth quarter that are designed to simplify Enbridge's corporate structure.