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Enbridge signs deals for Enbridge Income Fund and U.S. subsidiaries

September 18, 2018 6:12 AM
The Canadian Press

CALGARY – Enbridge Inc. has signed a deal worth $4.7 billion to acquire Enbridge Income Fund Holdings Inc. as it works to simplify its corporate structure.

The company says the offer is 11.3 per cent higher than a proposal in May.

Under the terms of an agreement, Enbridge Income Fund shareholders will receive 0.7350 of an Enbridge share and 45 cents in cash for each share they hold.

The agreement comes as Enbridge says it has also signed an agreement to acquire the outstanding units of Enbridge Energy Partners and the outstanding shares of Enbridge Energy Management in transactions valued at a total of about $4.56 billion.

Enbridge Energy Partners unitholders will receive 0.3350 of an Enbridge share for each class A common unit, an 8.7 per cent increase to the exchange ratio proposed in May.

Enbridge Energy Management shareholders will receive 0.3350 of an Enbridge share for each Enbridge Energy Management share they hold, a 16 per cent increase from the May offer.

Companies in this story: (TSX:ENB, TSX:ENF)

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