Shareholders of Spectra Energy Corp. and Enbridge Inc. have voted to approve the combination of Spectra with Enbridge Inc. in a stock-for-stock transaction. Of the common shares of Enbridge voted at a special shareholders meeting, 99.42% were voted in favor of the issuance of Enbridge shares as consideration for the transaction, and 99.80% of the Enbridge shares were voted in favor of proposed amendments to general bylaw No. 1 of Enbridge. More than 661 million, or about 70.5%, of outstanding Enbridge shares, were voted in person or by proxy at the meeting. About 73% of the total outstanding shares of Spectra common stock, and about 98% of the total shares voted at a special shareholders meeting, were voted in favor of the transaction. The combination will create the largest energy infrastructure company in North America and one of the largest globally, with a pro-forma enterprise value of about C$165 billion (US$127 billion), Spectra said. Completion of the transaction remains subject to other customary closing conditions. Closing is expected during the first quarter.
San Diego-based Sempra Energy‘s Mexican subsidiary, Infraestructura EnergÃ©tica Nova, SAB de CV (IEnova), has completed the acquisition of the Ventika I and Ventika II wind generation facilities in Mexico for approximately $900 million, including the assumption of outstanding debt. Mexico’s antitrust commission, the ComisiÃ³n Federal de Competencia EconÃ³mica, approved the acquisition on Wednesday. Located in the state of Nuevo LeÃ³n, Mexico, Ventika I and Ventika II consist of 84 operating wind turbines with an installed power generation capacity of 252 MW, making them the largest operating wind farm in Mexico. Ventika was developed by a partnership majority owned by a unit of Blackstone Energy Partners and CEMEX, which will remain the project’s manager.
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