Status:  Pending Filing

Acquirer:  Enbridge Inc. (Canada)

Acquired:  Spectra Energy Corp. (U.S.)

Value:  Approx. US$28 billion

Industry:  Energy, Regulated Utilities

According to a recent regulatory filing, “[o]n October 11, 2016, Spectra Energy and Enbridge submitted a draft joint voluntary notice with the Committee on Foreign Investment in the United States (CFIUS). On November 2, 2016, Spectra Energy and Enbridge submitted the final joint voluntary notice with CFIUS. Spectra Energy and Enbridge are awaiting confirmation from CFIUS that it has accepted the parties’ joint voluntary notice.” (Enbridge Inc., Amendment No. 3 to Form F-4, Nov. 14, 2016, SEC Filing.)   On September 5, a merger agreement was executed between Spectra Energy Corp., a Delaware corporation, Enbridge Inc., a Canadian corporation, and Sand Merger Sub, Inc., a Delaware corporation, and a direct wholly owned subsidiary of Enbridge, whereby Spectra will merge with Sand Merger Sub, becoming wholly owned by Enbridge. Given the November 2, 2016 acceptance by CFIUS, the initial 30 day review period would have expired on December 2, 2106.