Exhibit 99.1
Enbridge Energy Partners, L.P. and Enbridge Energy Management, L.L.C. Announce Approval of Proposed Mergers with Enbridge Inc.
HOUSTON, December 17, 2018– Enbridge Energy Partners, L.P. (NYSE: EEP) (EEP or the Partnership) and Enbridge Energy Management, L.L.C. (NYSE: EEQ) (EEQ) today announced that EEP unitholders and EEQ shareholders, at special meetings held earlier today, respectively approved the previously announced separate merger agreements with respect to the merger (the EEP Merger) of EEP with a wholly owned subsidiary of Enbridge Inc. (TSX:ENB) (NYSE: ENB) (Enbridge), and the merger (the EEQ Merger) of EEQ with a wholly owned subsidiary of Enbridge, respectively.
Subject to customary closing conditions in the respective merger agreements, both the EEP Merger and the EEQ Merger are expected to close on December 20, 2018.
Pursuant to the Agreement and Plan of Merger, dated as of September 17, 2018, for the EEP Merger, Enbridge (through a wholly owned subsidiary) will acquire all of the outstanding public Class A common units of EEP, resulting in EEP becoming an indirect, wholly owned subsidiary of Enbridge. At the closing, each public Class A unit common of EEP will be exchanged for 0.335 common shares of Enbridge.
Pursuant to the Agreement and Plan of Merger, dated as of September 17, 2018, for the EEQ Merger, Enbridge (through a wholly owned subsidiary) will acquire all outstanding public Listed Shares of EEQ, resulting in EEQ becoming a direct, wholly owned subsidiary of Enbridge. At the closing, each public Listed Share of EEQ will be exchanged for 0.335 common shares of Enbridge.
A final report of the voting results for the EEP Merger will be made available on an EEP Current Report on Form8-K filed on EDGAR atwww.sec.gov., and a final report of the voting results for the EEQ Merger will be made available on an EEQ Current Report on Form8-K filed on EDGAR at www.sec.gov.
Forward Looking Statements
This news release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements are based on the beliefs and assumptions of Enbridge, EEP, EEQ, Spectra Energy Partners, LP (“SEP”), and Enbridge Income Fund Holdings Inc. (“ENF” and, together with EEP, EEQ and SEP, the “Sponsored Vehicles”). These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast and similar expressions and include, but are not limited to, statements regarding the expected closing, consummation, completion, timing and benefits of the acquisitions of the Sponsored Vehicles (collectively, the “Proposed Transactions”), the expected synergies and equity holder value to result from the combined companies, the expected levels of cash distributions or dividends by the Sponsored Vehicles to their respective
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