Canada’s Enbridge Inc. has wrapped up $3.5 billion in deals to consolidate its Houston, Texas based master limited partnership operations.
As the Houston Business Journal reported, Enbridge concluded the acquisition of all shares of Enbridge Energy Partners LP and all of the outstanding public units of Enbridge Energy Management LLC.
The deals were valued at $3.5 billion when announced in September. EEP public unitholders and EEQ public shareholders will receive 0.335 common shares of Enbridge for each Class A common unit of EEP and each listed share of EEQ, respectively.
EEP and EEQ will no longer trade on the New York Stock Exchange, and they have become indirect, wholly owned subsidiaries of Enbridge. According to an investor relations page, “Enbridge Energy Management manages and controls the business and affairs of Enbridge Energy Partners, a master limited partnership that owns petroleum and natural gas midstream businesses in the United States.”
Just before Christmas, Enbridge completed its $3.3 billion acquisition of another MLP, Houston-based Spectra Energy Partners LP. Enbridge cited its plan to simplify its corporate structure and the significant weakening of MLP capital markets as reasons for the SEP, EEP and EEQ acquisitions.