Canadian Energy Group Enbridge is one step closer to completing its acquisition of Houston-based Spectra Energy after stockholders from both companies approved the merger last week.
The C$37 billion ($28 billion; €25 billion) merger is still on schedule to close in the first half of next year, creating North America's largest energy infrastructure firm. Enbridge will have an enterprise value of around C$165 billion.
Spectra and Enbridge focus on the transportation and distribution of oil and natural gas.
“Today's vote is a critical milestone that moves us closer to creating, with Enbridge, a true global energy infrastructure leader and the most diversified energy infrastructure company in North America, if not the world,” Spectra Energy chief executive Greg Ebel said. “This is a transformational combination.”
The boards for both companies approved Enbridges' all-stock offer for Spectra at $40.33 per share, an 11.5 percent premium to Spectra's closing price, shortly before the deal was announced. Enbridge stockholders will own about 57 percent of the combined company after the deal closes, and Spectra stockholders will own about 43 percent.
The North American tie-up is the latest in a string of energy mergers this year. In September, Japan's JX Holdings and TonenGeneral Sekiyu KK agreed to create the country's largest oil refinery. France's Technip is also in the process of finalising a $13 billion merger with US group FMC technologies.