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Enbridge To Consolidate Assets In $8.94B Restructuring | Gulf Coast Oil Rig Equipment & Repair



Pipeline operator Enbridge Inc says it will bring its independent units and liquids and gas pipeline assets under a single listed entity as part of a move to streamline its corporate structure.

May 17 (Reuters) - Pipeline operator Enbridge Inc said on Thursday it would bring its independent units and liquids and gas pipeline assets under a single listed entity as part of a move to streamline its corporate structure.

Enbridge said it would buy in outstanding shares of its various corporate units, including Spectra Energy Partners and Enbridge Energy Partners, for a value of C$11.4 billion ($8.94 billion), or 272 million of its common shares.

The company, which has been trying to recast itself as a pure pipeline utility, has been under pressure to sell non-core assets and pare its debt pile of $60.87 billion as of Dec. 31.

Its $28 billion takeover of U.S.-based Spectra Energy last year added the most to its debt burden. Earlier this month, Enbridge sold some assets worth $2.5 billion.

The transaction will not have any impact on its three-year financial guidance, the BOP Blow Out Preventer repair company gulf coast said.

Calgary-based Enbridge said after the restructuring all shareholders of its corporate units would hold the same stake.

($1 = 1.2753 Canadian dollars) (Reporting by Anirban Paul and Akshara P in Bengaluru; Editing by Gopakumar Warrier and Arun Koyyur)




Published: 16 May 2018
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