Enbridge may sell assets to help offset acquisition of Spectra Energy

By Devika Patel

Knoxville, Tenn., Sept. 6 – Enbridge Inc. will sell assets to maintain financial flexibility after its planned acquisition of Houston-based natural gas company Spectra Energy Corp. in a $28 billion share exchange, according to a Tuesday conference call presentation.

Enbridge expects it will divest about $2 billion of non-core assets over the next 12 months to provide additional financial flexibility and maintain the financial strength of the combined company. The company said it also has identified other assets that could be monetized to provide an additional $5 billion to $6 billion of capital.

The friendly merger is expected to close in first-quarter 2017, creating one of the largest energy companies in the world.

Calgary, Alta.-based Enbridge is an oil and gas distribution and transportation company.

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