CALGARY, A.B. — Enbridge and Spectra Energy announced today that the American Federal Trade Commission has cleared the previously announced proposed merger of the two companies.
As part of the clearance, the FTC today voted to accept a proposed consent decree in which Enbridge and Spectra Energy have agreed to enact firewalls governing the flow of certain information to Enbridge about the Discovery offshore Gulf of Mexico natural gas pipeline system, and to take certain other steps limiting Enbridge’s potential influence over actions related to Discovery. Spectra Energy holds an ownership interest in Discovery through its indirect ownership interest in DCP Midstream, which holds a 40 percent ownership interest in the offshore system. Enbridge, through an affiliate, also has offshore natural gas gathering operations in the Gulf of Mexico. The FTC’s decision is accessible via the following link: https://www.ftc.gov/enforcement/cases-proceedings/161-0215/enbridge-spectra-energy
With clearance from the FTC, the final regulatory requirement for closing the merger is clearance under the Canadian Competition Act. Both Enbridge and Spectra are anticipating clearance from Canadian authorities in the near future, and expect the transaction to close in the first quarter of this year.