Enbridge Inc. on behalf of itself and certain of its wholly owned US subsidiaries and Spectra Energy Partners announced that they have entered into a definitive agreement under which Enbridge acquired all of the outstanding public common units of SEP on the basis of 1.111 common shares of Enbridge for each common unit of SEP. The Agreed Exchange Ratio represents a 9.8% increase to the exchange ratio offered by Enbridge on May 17, 2018 of 1.0123 Enbridge common shares per SEP common unit. The transaction is valued at US $3.3 billion.