Energy Exploration | Houston, TX | Corporate Acquisition
Enbridge (NYSE: ENB) subsidiary Enbridge Energy (NYSE: EEP) has agreed to acquire natural gas midstream business Midcoast Energy Partners (NYSE: MEP) for $8 a share in cash. That figure represents an aggregate value of $170.2 million, a premium of 5.5% compared to the trailing 30-day weighted average price of MEP stock as of January 26. The transaction is expected to close in 2Q. Enbridge stock ended the week down 3% at $43.03 per share, while MEP closed down 5% at $8.35.