Enbridge and Spectra Energy said today the announced merger of the two companies has received all required regulatory clearances under the merger agreement, including a go-ahead from the Canadian Competition Bureau, and is expected to close Feb. 27.
The merger will make the combined company the largest energy infrastructure company in North America with an enterprise value of $126 billion.
“The combined company will be positioned to provide integrated services and first and last mile connectivity to virtually all key liquids and gas supply basins and demand markets in North America,” said Al Monaco, president and CEO of Enbridge.
Spectra Energy CEO Greg Ebel will become chairman of Enbridge once the transaction closes.
Going forward, Enbridge will have a substantial capital project portfolio, including $21 billion of commercially secured growth projects coming into service between 2017 and 2019, the company said.
As previously announced, the headquarters of the combined company will be in Calgary, Alberta. Houston will be the combined company’s gas pipelines business unit center; Edmonton, Alberta, will remain the business unit center for liquids pipelines, with the business unit centers for gas distribution continuing to be based in Ontario. The combined company will have 17,000 employees.
The Board of Directors of Enbridge will consist of eight members designated by Enbridge, including Monaco, and five members designated by Spectra Energy, including Ebel. Other directors designated by Enbridge, all of whom currently serve as directors, are Marcel R. Coutu, J. Herb England, Charles W. Fischer, V. Maureen Kempston Darkes, Rebecca B. Roberts, Dan C. Tutcher and Catherine L. Williams.
Directors designated by Spectra Energy are Pamela L. Carter, Clarence P. Cazalot, Jr., Michael McShane and Michael E.J. Phelps, all of whom currently serve as directors of Spectra Energy.