Shares of Spectra Energy (SE) ended Tuesday's trading session roughly unchanged. The owner and operator of a portfolio of complementary natural gas assets announced the $1.49 billion acquisition of the Express-Platte Pipeline System. By acquiring the pipelines Spectra gets access to the lucrative North American oil transportation market.
The Deal
Spectra Energy announced that it has entered into a definitive agreement to purchase the 100% ownership in the Express-Platte Pipeline System. Spectra will pay $1.25 billion in cash for the infrastructure and will assume $240 million in debt. The pipelines were previously owned by Borealis Infrastructure, the Ontario Teachers Pension Plan and Kinder Morgan Energy Partners LP (KMP).
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