Enbridge Inc. completed its mergers with Enbridge Energy Partners LP and Enbridge Energy Management LLC, wrapping up the roll-ups of its sponsored vehicles to simplify its corporate structure.
The deal resulted in the Alberta-based energy transportation conglomerate acquiring all of Enbridge Energy Partners' outstanding class A common units, with the partnership becoming an indirect subsidiary of Enbridge. Enbridge also acquired all of the outstanding listed shares of Enbridge Energy Management, which is now a direct subsidiary of Enbridge.
Enbridge Energy Partners unit holders and Enbridge Energy Management shareholders of record at the close of business Nov. 5 are set to receive 0.3350 Enbridge common share for each class A unit or listed share held. The securities of both entities will also no longer trade on the New York Stock Exchange.
Days earlier, Enbridge closed its simplification merger with Spectra Energy Partners LP. A similar deal with Enbridge Income Fund Holdings Inc. closed Nov. 8.