The merger of Calgary’s Enbridge Inc. with Texas-based Spectra Energy will create the largest energy infrastructure company in North America, with an estimated market value of $127-billion. The move was announced on September 6. Under the agreement, Enbridge will buy Spectra Energy in a stock-for-stock merger transaction, which values Spectra Energy common stock at $28-billion. Upon completion of the transaction, Enbridge shareholders will own approximately 57 percent of the combined company, and Spectra Energy shareholders will own approximately 43 percent. The combined firm will be called Enbridge Inc. Enbridge operates the world’s longest crude oil and liquids transportation system across Canada and the US, while Spectra Energy’s North American operations include 21,000 miles of natural gas and crude oil pipelines, approximately 300-billion cubic feet of natural gas storage, and 4.8-million barrels of crude oil storage, as well as natural gas gathering, processing and local distribution operations. Enbridge has been looking for opportunities to diversify its asset base beyond 2019, according to Al Monaco, Enbridge president and CEO (on left in photo). Combining with the natural gas infrastructure company will help it reach that goal, he said. “This transaction is transformational for both companies and results in unmatched scale, diversity and financial flexibility with multiple platforms for organic growth,” he stated. Monaco will stay as president and CEO of the combined company. Spectra Energy President and CEO Greg Ebel will become non-executive chairman of Enbridge’s board of directors upon the deal’s close.