Canadian-based Enbridge Inc. will buy Spectra Energy Corp. (SE) in a $28 billion stock-for-stock transaction that will create the largest energy pipeline and storage company in North America, the companies said in a statement Tuesday.
Shareholders of Houston-based Spectra will get $40.33 per share, representing a premium of about 12% to the Sept. 2 closing price, according to the statement. The deal is expected to close in the first quarter of 2017, pending regulatory approval of the cross-border agreement.
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