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Enbridge proposes to transfer U.S. $900 million asset to Enbridge Energy Partners


Published Sep 18, 2014
Enbridge Inc.-4

Enbridge Inc. has proposed to transfer its 66.7 percent interest in the U.S. segment of the Alberta Clipper Pipeline to its affiliate, Enbridge Energy Partners L.P. (EEP) for approximately U.S. $900 million. EEP is the owner of the other 33.3 percent interest.

The proposed consideration includes cash of approximately U.S. $300 million, plus approximately U.S. $600 million of Class E equity units to be issued to Enbridge by EEP. The proposed transfer and terms are subject to review and recommendation by an independent committee of the Board of Directors of Enbridge Energy Management, L.L.C, the delegate of EEP's general partner, and to approval by that Board. The transfer is targeted to close by the end of 2014.

Tags: Enbridge Inc.




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