Enbridge Inc. and Spectra Energy Corp. have entered into a definitive merger agreement under which Enbridge and Spectra Energy will combine in a stock-for-stock merger transaction. The combination will create the largest energy infrastructure company in North America and one of the largest globally based on a pro-forma enterprise value of approximately $127 billion.
With an asset base that includes a diverse set of best-in-class assets comprised of crude oil, liquids and natural gas pipelines, terminal and midstream operations, a regulated utility portfolio and renewable power generation, the combined company will be positioned to provide integrated services and first and last mile connectivity to key supply basins and demand markets.
Upon closing of the transaction, Al Monaco will continue to serve as president and chief executive officer of the combined company. Greg Ebel will serve as non-executive chairman of Enbridge’s Board of Directors.
The senior management team of the combined entity will be communicated in due course. On closing, the following appointments will take effect:
- Guy Jarvis, president, Liquids Pipelines & Major Projects
- Bill Yardley, president, Gas Transmission & Midstream
- John Whelen, executive vice president & chief financial officer
The headquarters of the combined company will be in Calgary, Alberta. Houston, TX will be the combined company’s gas pipelines business unit center; Edmonton, Alberta will remain the business unit center for liquids pipelines, with gas distribution continuing to be based in Ontario.