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All Hail the New King of Pipelines

North America’s four largest energy infrastructure companies based on enterprise value are Kinder Morgan (NYSE: KMI), Energy Transfer Equity (NYSE: ETE), Enbridge (NYSE: ENB) and Enterprise Products Partners (NYSE: EPD). But the rankings are about to be shaken up.

This week Spectra Energy (NYSE: SE) agreed to merge with Canada’s Enbridge in a $28 billion all-stock deal that would vault the combined company to the top of the rankings. The new, enlarged Enbridge would have an enterprise value (EV) of $127 billion. By comparison, the EV of Kinder Morgan, the current leader, is $93.7 billion.


Source: Enbridge/Spectra merger presentation

Spectra Energy shareholders are to receive 0.98 Enbridge shares for each share they own. That will give them a combined 43% of the expanded company, which will retain the Enbridge name. The deal provides Spectra shareholders with a premium of 11.5% based on the Sept. 2 closing prices.

The transaction is expected to close in the first quarter of 2017, subject to shareholder votes at both Enbridge and Spectra as well as regulatory approvals. The latter aren’t expected to block the deal, as Enbridge is chiefly a transporter of Canadian crude, while U.S.-based Spectra is predominantly involved in natural gas storage and transmission.

The combined company expects to increase the dividend 15% upon completion of the transaction, for an expected yield of 4.6% based on the current share price, and projects visible organic annual dividend growth of 10-12% through at least 2024.

Enbridge and Spectra both have affiliates. Enbridge Energy Partners (NYSE: EEP) and Enbridge Energy Management (NYSE: EEQ) aren’t expected to be part of the merger. Nor is Spectra’s own affiliated MLP Spectra Energy Partners (NYSE: SEP).

Spectra has been good to the subscribers of of MLP Profits and The Energy Strategist who’ve followed our advice, and we provided in-depth coverage of its big deal this week along with more timely portfolio recommendations.   

(Follow Robert Rapier on Twitter, LinkedIn, or Facebook.)


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