Enbridge Inc. closed the acquisition of all outstanding common units of Spectra Energy Partners LP valued at $3.3 billion, bringing Enbridge one step closer to its corporate simplification goal.
Spectra's common units will no longer trade on the New York Stock Exchange, effective Dec. 17, according to a joint news release by Enbridge and Spectra. Enbridge's common shares will remain trading on both the New York bourse and the Toronto Stock Exchange under the symbol ENB.
The Calgary, Alberta-based Enbridge in August agreed to acquire all of Spectra's 81.9 million outstanding common units at an exchange ratio of 1.111 Enbridge common shares for each Spectra common unit. Enbridge said it would issue about 91.0 million common shares, or 5% of its total outstanding common shares, for the transaction.
The acquisition is part of a series of deals to be completed in the fourth quarter that are designed to simplify Enbridge's corporate structure. Enbridge in November completed its merger with Enbridge Income Fund Holdings Inc., while Enbridge Energy Partners LP and Enbridge Energy Management LLC unit holders are scheduled to vote on their deal with Enbridge on Dec. 17.