Enbridge and Spectra Energy complete $37B merger

Enbridge Inc. (TSX:ENB)(NYSE:ENB) (Enbridge) completed its stock-for-stock transaction with Spectra Energy Corp (NYSE:SE) (Spectra Energy), creating North America’s largest energy infrastructure company with an enterprise value of approximately $165 billion. The transaction valued Spectra Energy’s common stock at approximately $37 billion and is the largest foreign acquisition ever completed by a Canadian company. 

The transaction combined Enbridge’s liquid-weighted midstream assets located primarily in western Canada and the US Midwest with Spectra’s network of primarily gas-related midstream assets in the US North, Gulf Coast and Midwest and the Province of British Columbia. 

Enbridge was represented by McCarthy Tétrault LLP in Canada with a team that included John Osler QC, Garth Girvan, Cathy Samuel, Wilson Acton, Jeremy Busch-Howell and Frances Candy (corporate/M&A), Justin Lapedus (financial services), Ben Aberant and Shana Wolch (labour & employment), Oliver Borgers, Michele Siu and Jonathan Bitran (competition), Neil Finkelstein, Geoff Hall, Renee Reichelt, Eric Block, Emily MacKinnon and Paul Davis (litigation), Jennifer Del Vecchio (pensions & benefits), Ron Mar and Rob Nearing (tax), George Vegh (regulatory) and Joanna Rosengarten and Kim Howard (environmental). 

Enbridge was represented by Sullivan & Cromwell LLP in the United States with a team that included Joseph Frumkin, George Sampas, Daniel Belke, Julia Kim, Bradley King, Joshua Wright and Ana González (corporate/M&A); Robert Buckholz, Maryanne Paul and Elah Lanis (securities); Matthew Friestedt, Regina Readling and Michael A. Wiseman (executive compensation and benefits); Richard Pepperman, Joseph Matelis, Eric Queen, Clea McClellan, David Teslicko, Jack Congdon and Joshua Handell (antitrust); Ronald Creamer and Eric Lopata (tax); John Estes, Alina Iarve and Kelly Yamashita (finance); Michael Steinberg, Brian England and Alexander Gura (litigation); Eric Kadel and Manon Scales (CFIUS); Spencer Simon (intellectual property); and Matt Brennan (environmental). 

Spectra Energy was represented by Goodmans LLP in Canada with a team that included Robert Vaux and Jamie van Diepen (corporate/M&A), Mitchell Sherman and Carrie Smit (tax), John Alton (pensions & benefits), Susan Garvie (employment), Calvin Goldman and Richard Annan (competition), Maureen Berry (executive compensation) and Peter Ruby (regulatory). 

Spectra Energy was represented by Wachtell, Lipton, Rosen & Katz LLP in the United States with a team that included Daniel Neff, David Katz, Sebastian Fain, Viktor Sapezhnikov and Amanda Stein (corporate/M&A), Nelson Fitts (competition/antitrust) and Eiko Stange and David Sturgeon (tax). Skadden, Arps, Slate, Meagher & Flom LLP acted as US tax counsel to Spectra with a team that included Cliff Gross and Moshe Spinowitz.


Justin A. Lapedus Oliver J. Borgers Neil Finkelstein Geoff R. Hall Eric Block Ron Mar George Vegh Robert Vaux Mitchell J. Sherman Carrie B.E. Smit Calvin S. Goldman Richard Annan Maureen Berry Peter D. Ruby