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Canada-based Enbridge announced it plans to buy Houston-based Spectra Energy in a stock-for-stock deal valued at $28B. Combined, the new company would be valued at $127B, making it the largest energy infrastructure company in North America, according to a statement. The merger is expected to close in Q1 2017, the Houston Business Journal reports. The deal values Spectra Energy at $40.33/share, an 11.5% premium over Spectra's closing price on Sept. 2. Spectra Energy shareholders will receive 0.984 shares of the combined company for each share of Spectra Energy common stock they own. [HBJ]
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