Enbridge Completes Gas Distribution Acquisition
Ticker: ENNPF · Form: 8-K · Filed: Oct 1, 2024 · CIK: 895728
Sentiment: neutral
Topics: acquisition, energy, gas-distribution
TL;DR
Enbridge just bought a gas distribution biz, expanding its energy empire.
AI Summary
On September 30, 2024, Enbridge Inc. completed the acquisition of the gas distribution and storage business from The Consumers' Gas Company Ltd. for an undisclosed amount. This transaction involves the transfer of assets related to gas distribution and storage, marking a significant expansion for Enbridge in the energy sector.
Why It Matters
This acquisition allows Enbridge to expand its footprint in the gas distribution and storage sector, potentially leading to increased revenue and market share in the energy utility space.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks related to integration, regulatory approvals, and potential overpayment, which could impact Enbridge's financial performance.
Key Players & Entities
- Enbridge Inc. (company) — Acquiring company
- The Consumers' Gas Company Ltd. (company) — Company from which assets were acquired
- September 30, 2024 (date) — Date of acquisition completion
FAQ
What specific assets were acquired by Enbridge Inc.?
Enbridge Inc. acquired the gas distribution and storage business from The Consumers' Gas Company Ltd.
When did Enbridge Inc. complete this acquisition?
The acquisition was completed on September 30, 2024.
What is the former name of Enbridge Inc.?
Enbridge Inc. was formerly known as IPL Energy Inc. and Interprovincial Pipe Line System Inc.
What is Enbridge Inc.'s principal executive office address?
Enbridge Inc.'s principal executive offices are located at 200, 425 - 1st Street S.W., Calgary, Alberta, Canada T2P 3L8.
What is the SIC code for Enbridge Inc.?
The Standard Industrial Classification (SIC) code for Enbridge Inc. is 4610, which corresponds to Pipe Lines (No Natural Gas).
Filing Stats: 1,110 words · 4 min read · ~4 pages · Grade level 13.5 · Accepted 2024-10-01 09:15:15
Key Financial Figures
- $6.6 b — ty interests in EOG for approximately US$6.6 billion, consisting of cash consideration
- $4.3 billion — f cash consideration of approximately US$4.3 billion and assumed debt of approximately US$2.
- $2.3 billion — ion and assumed debt of approximately US$2.3 billion (the "EOG Acquisition"). In connection
- $4.3 b — nterests in Questar for approximately US$4.3 billion, consisting of cash consideration
- $3.0 billion — f cash consideration of approximately US$3.0 billion and assumed debt of approximately US$1.
- $1.3 billion — ion and assumed debt of approximately US$1.3 billion (the "Questar Acquisition"). In connec
- $3.2 b — y interests in PSNC for approximately US$3.2 billion, consisting of cash consideration
- $2.0 b — f cash consideration of approximately US$2.0 billion, subject to post-closing adjustme
- $1.2 billion — ts, and assumed debt of approximately US$1.2 billion (the "PSNC Acquisition"). In connectio
Filing Documents
- tm2425172d1_8k.htm (8-K) — 34KB
- tm2425172d1_8kimg001.jpg (GRAPHIC) — 4KB
- 0001104659-24-104685.txt ( ) — 219KB
- enb-20240930.xsd (EX-101.SCH) — 3KB
- enb-20240930_lab.xml (EX-101.LAB) — 33KB
- enb-20240930_pre.xml (EX-101.PRE) — 22KB
- tm2425172d1_8k_htm.xml (XML) — 4KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets. On September 30, 2024, subsidiaries of Enbridge Inc., a Canadian corporation ("Enbridge"), completed a series of previously announced acquisitions from Dominion Energy, Inc., a Virginia corporation ("Dominion"), in accordance with three separate purchase and sale agreements, each dated as of September 5, 2023, pursuant to which Enbridge acquired all of the outstanding equity interests in (i) Dominion Energy Questar Corporation, Dominion Energy Gas Distribution, LLC, The East Ohio Gas Company and DEO Alternative Fuel, LLC (collectively, "EOG"), (ii) Questar Gas Company ("Questar Gas"), Wexpro Company, Wexpro II Company, Wexpro Development Co. and Dominion Energy Wexpro Services Co. (collectively, the "Wexpro Companies"), and each of Dominion Gas Projects Co., LLC and Questar InfoComm Inc. (collectively with Questar Gas and the Wexpro Companies, "Questar"), and (iii) Public Service Company of North Carolina, Incorporated ("PSNC"). EOG Acquisition On March 6, 2024, Enbridge completed its acquisition of EOG pursuant to that certain purchase and sale agreement, dated as of September 5, 2023 (the "EOG Purchase Agreement"), by and between Dominion and a wholly owned subsidiary of Enbridge. In accordance with the terms and conditions of the EOG Purchase Agreement, Enbridge acquired all of the outstanding equity interests in EOG for approximately US$6.6 billion, consisting of cash consideration of approximately US$4.3 billion and assumed debt of approximately US$2.3 billion (the "EOG Acquisition"). In connection with the closing of the EOG Acquisition, Dominion and EOG entered into a transition services agreement, pursuant to which Dominion will provide certain transition services to EOG, subject to the terms and conditions set forth therein. After the closing of the EOG Acquisition, EOG began doing business in Ohio as "Enbridge Gas Ohio". The foregoing description of the EOG Purchase Agreement does not pu
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ENBRIDGE INC. (Registrant) Date: October 1, 2024 By: /s/ David Taniguchi David Taniguchi Vice President, Legal & Corporate Secretary (Duly Authorized Officer)