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CALGARY — The $37-billion deal to buy Spectra Energy Corp. gives Enbridge Inc. a long, $48-billion “menu” of potential growth projects to pursue in North America, Al Monaco, president and CEO of the Calgary-based company, said Tuesday.
Enbridge announced it would merge with Houston-based Spectra in a $37-billion all-share deal to create the largest pipeline company on the continent — leapfrogging competitor Kinder Morgan Inc. in terms of market value.
The combined company, which would retain the Enbridge name, would have $26 billion in projects currently underway and $48-billion worth of projects planned following 2019.
Here’s a look at the assets of the combined company.
“This is all non-acquisition-based growth,” Monaco said in an interview of the combined company’s growth projects. “We’ve now got this next wave of opportunities after 2019 that’s a real big driver for us.”
Monaco said Enbridge has been looking for ways to diversify the company’s primarily oil and liquids focused pipeline system for roughly two years — a process that culminated in the deal for Spectra.
“What we have here is a tremendous menu of options,” Monaco said, adding the combined company could invest in natural gas pipeline projects in various parts of the U.S., in offshore wind or in utilities, among others.
“That’s what you want in this business is an ability to pick and choose the best projects,” he said.
Asked whether it was easier for pipeline companies to buy rather than build pipelines in an attempt to grow, Monaco said Enbridge was not interested in buying assets that didn’t also have organic growth components.
“In terms of acquisitions, what we really focus on is that we’re not just buying cash flow. It’s hard to add any value to that,” Monaco said. He said that Enbridge looks for acquisition targets that the company can build out further.
Tuesday’s deal for Spectra is the largest in Enbridge’s history and also the largest foreign purchase by a Canadian company to date, according to Bloomberg research.
(Click graphic to enlarge.)
The deal also follows months of consolidation in the pipeline industry, including TransCanada Corp.’s US$13-billion deal for Columbia Pipeline Group Inc. in March.
In August, Enbridge spent US$1-billion to form a joint-venture with Marathon Petroleum Corp. to buy a 49 per cent interest in a pipeline system in North Dakota, which allows the company to ship more oil from the U.S. and Canada to the Gulf Coast. One of the projects in that pipeline system is still under construction.
Tuesday’s deal is expected to close in 2017 and values Spectra Energy at US$40.33 per share, an 11 per cent premium on the company’s closing share price from Friday. Spectra shares were up over 13 per cent in mid-day trading Tuesday to reach US$40.94 each, while Enbridge shares rose three per cent to crest $55 each.
Financial Post
Enbridge announced it would merge with Houston-based Spectra in a $37-billion all-share deal to create the largest pipeline company on the continent — leapfrogging competitor Kinder Morgan Inc. in terms of market value.
The combined company, which would retain the Enbridge name, would have $26 billion in projects currently underway and $48-billion worth of projects planned following 2019.
Here’s a look at the assets of the combined company.
“This is all non-acquisition-based growth,” Monaco said in an interview of the combined company’s growth projects. “We’ve now got this next wave of opportunities after 2019 that’s a real big driver for us.”
Monaco said Enbridge has been looking for ways to diversify the company’s primarily oil and liquids focused pipeline system for roughly two years — a process that culminated in the deal for Spectra.
“What we have here is a tremendous menu of options,” Monaco said, adding the combined company could invest in natural gas pipeline projects in various parts of the U.S., in offshore wind or in utilities, among others.
“That’s what you want in this business is an ability to pick and choose the best projects,” he said.
Asked whether it was easier for pipeline companies to buy rather than build pipelines in an attempt to grow, Monaco said Enbridge was not interested in buying assets that didn’t also have organic growth components.
“In terms of acquisitions, what we really focus on is that we’re not just buying cash flow. It’s hard to add any value to that,” Monaco said. He said that Enbridge looks for acquisition targets that the company can build out further.
Tuesday’s deal for Spectra is the largest in Enbridge’s history and also the largest foreign purchase by a Canadian company to date, according to Bloomberg research.
(Click graphic to enlarge.)
The deal also follows months of consolidation in the pipeline industry, including TransCanada Corp.’s US$13-billion deal for Columbia Pipeline Group Inc. in March.
In August, Enbridge spent US$1-billion to form a joint-venture with Marathon Petroleum Corp. to buy a 49 per cent interest in a pipeline system in North Dakota, which allows the company to ship more oil from the U.S. and Canada to the Gulf Coast. One of the projects in that pipeline system is still under construction.
Tuesday’s deal is expected to close in 2017 and values Spectra Energy at US$40.33 per share, an 11 per cent premium on the company’s closing share price from Friday. Spectra shares were up over 13 per cent in mid-day trading Tuesday to reach US$40.94 each, while Enbridge shares rose three per cent to crest $55 each.
Financial Post
