Enbridge Strikes Three Deals in Two Weeks, Including Nearly $3.2 Billion in Acquisitions

Corporate ActionM&A · Partnership
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Summary · why it matters

Enbridge has announced three transactions in the past two weeks, including nearly $3.2 billion of acquisitions, as the Canadian energy infrastructure giant moves to strengthen its 5.8%-yielding dividend. On Aug. 26, Enbridge announced the acquisition of Salt Creek Midstream's crude oil gathering business for $600 million, adding 500 miles of crude oil gathering infrastructure in the core of the Delaware Basin. On Sept. 9, it unveiled a larger deal, agreeing to acquire Tallgrass Energy's crude oil business for $2.55 billion, which includes a 75% interest in the 1,050-mile Pony Express Pipeline, a 51% interest in the Powder River Gateway System, and 8.4 million barrels of storage capacity. Enbridge expects both acquisitions to be accretive to distributable cash flow per share within the first year, and the Tallgrass deal includes the PXP2 growth project, a $300 million expansion expected to enter service in late 2027. To help fund the deals, Enbridge announced a stock offering seeking to raise at least CA$2.6 billion, or $1.9 billion, while KKR and Apollo agreed on Aug. 27 to invest about CA$2.7 billion, or $2 billion, in a new joint venture supporting expansion of its Westcoast Pipeline System, with Enbridge receiving CA$700 million, or $505 million, in cash at closing.

Impact on stocks 4

Aging Population▲ · 2 stocks
Apollo Global Management LLC Class A
APO
▲ PositiveCapitalrelevance

Apollo agreed to invest about CA$2.7B alongside KKR in a new joint venture supporting Enbridge's Westcoast Pipeline System expansion.

KKR & Co. Inc.
KKR
▲ PositiveCapitalrelevance

KKR agreed to invest about CA$2.7B in a new joint venture supporting Enbridge's Westcoast Pipeline System expansion.

Energy Transition & Power Demand▲ · 1 stocks
Enbridge Inc
ENB
▲ PositiveCapitalrelevance

Enbridge announced ~$3.2B of accretive acquisitions plus a CA$2.6B stock offering and CA$700M cash from a JV to fund growth and support its dividend.

Artificial Intelligence▲ · 1 stocks

Theme Impact 1

Off-coverage companies 2

Salt Creek MidstreamPrivate± Mixed
relevance

Tallgrass EnergyPrivate± Mixed
relevance

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