Spectra Energy Partners to Acquire Spectra Energy Corp's US Transmission, Storage & Liquids Assets for 2.2B in Cash

Spectra Energy Partners, LP

and Spectra Energy Corp

today announced that both company boards have executed an agreement to drop down Spectra Energy's remaining U.S. transmission, storage, and liquids assets to Spectra Energy Partners.  In consideration, Spectra Energy will receive 172,000,000 in newly issued limited partner units, 3,510,204 in newly issued general partner units, and $2.2 billion in cash.  In addition, Spectra Energy Partners will assume about $2.5 billion of acquired asset debt. The 2014 EBITDA multiple of this transaction is approximately 9.3 times based on the volume weighted average unit