Enbridge Inc. (TSX: ENB) entered into a definitive agreement to acquire Spectra Energy Corp. (NYSE:SE) for CAD 36.9 billion in stock on September 5, 2016. Spectra Energy shareholders will receive 0.984 shares of the Enbridge for each share of Spectra Energy common stock they own. Upon completion of the transaction, Enbridge shareholders are expected to own approximately 57% of the combined company and Spectra Energy shareholders are expected to own approximately 43%. The combined company will be called Enbridge Inc. In case of termination, Spectra Energy will be required to pay Enbridge a termination fee of CAD 1.29 billion ($1 billion) and, upon specified circumstances, Enbridge will be required to pay Spectra Energy a termination fee of CAD 1.75 billion. Upon closing of the transaction, Al Monaco will continue to serve as President and Chief Executive Officer of the combined company. Greg Ebel President and Chief Executive Officer of Spectra Energy will serve as non-executive Chairman of Enbridge’s Board of Directors. The headquarters of the combined company will be in Calgary, Alberta. Houston, Texas will be the combined company’s gas pipelines business unit center; Edmonton, Alberta will remain the business unit center for liquids pipelines, with gas distribution continuing to be based in Ontario. The transaction was unanimously approved by the Boards of Directors of both companies and is subject to the receipt of both companies’ shareholder approvals, along with certain regulatory and government approvals, including compliance with the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and approval under Canada Competition Act, approval for listing on the New York Stock Exchange and the Toronto Stock Exchange of the Enbridge common shares to be issued in the merger and the satisfaction of other customary closing conditions. As on November 14, 2016, U.S. Securities and Exchange Commission has approved the transaction. On November 21, 2016, the Committee on Foreign Investment in the United States accepted the joint voluntary notice by Spectra Energy and Enbridge and began its 30-day review period, which will conclude no later than December 20, 2016, unless the review period is extended by CFIUS. As of December 14, 2016, the transaction is undergoing a Federal Trade Commission antitrust review. The FTC issued a second request for information regarding the Spectra deal. The Canadian Competition Bureau also has issued a Supplementary Information Request, that country's version of a second request. As of December 15, 2016, approximately 73% of the total outstanding shareholder of Spectra Energy common stock, and approximately 98% of the total shareholders approved the transaction. The transaction was also approved by Enbridge shareholders. Enbridge has received the confirmation required to complete the transaction from the Minister of Transport under the Canada Transportation Act. As of December 15, 2016, Committee on Foreign Investment in the United States approved the transaction. As of February 16, 2017, deal was approved by Federal Trade Commission. With this clearance from the FTC, the proposed combination of Enbridge and Spectra Energy is now only subject to clearance under the Canadian Competition Act. As of February 23, 2017, all required regulatory clearances including from the Canadian Competition Bureau were achieved. The transaction is expected to close on February 27, 2017. Tom Greenberg, Greg Weinberger, Brian McCabe, Kevin Adam, Michael Comisarow and Asheley Kinsey of Credit Suisse Securities (Canada), Inc. and Derek Neldner, Trevor Gardner, Peter Buzzi, Corey Fraiberg, Ali Akbar, Douglas Pearce, Jonathan Kaufman, Chris Wilkinson and Drew Horn of RBC Capital Markets LLC acted as lead financial advisors, Joseph Frumkin, George Sampas, Robert Buckholz, Ronald Creamer, Eric Lopata, Richard C. Pepperman II and Joseph Matelis of Sullivan & Cromwell LLP and John Osler and Wilson Acton of McCarthy Tétrault LLP acted as legal advisors to Enbridge's Board of Directors. Daniel Barclay, John Armstrong, Geoff Barsky, Chris Dopp and Jonathan Hough of BMO Capital Markets Corp. and Claudio Sauer and Michael Jamieson of Citigroup Inc. (NYSE:C) acted as joint lead financial advisors and Daniel A. Neff, David A. Katz and Gregory. Daniel Neff, David Katz, Gregory Ostling, Sebastian Fein, Viktor Sapezhnikov, Amanda Stein, Nelson O. Fitts, Katharine R. Haigh, Adam Shapiro, Rohit Nafday, Eiko Stange, David Sturgeon, Eric Rosof and Austin Witt of Wachtell, Lipton, Rosen & Katz LLP and Bob Vaux, Jamie van Diepen, Mitchell Sherman, Carrie Smit, Kabir Jamal, John Alton, Susan Garvie, Calvin Goldman, Richard Annan and Peter Ruby of Goodmans LLP acted as legal advisors to Spectra Energy’s Board of Directors. Cliff Gross, Moshe Spinowitz and Eric Sensenbrenner of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to Spectra Energy Corp. O'Melveny & Myers LLP acted as a legal advisor to RBC Capital Markets LLC. Barclays Capital Inc. acted as a financial advisor to Spectra. Merrill Lynch, Pierce, Fenner & Smith Incorporated and JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor for Enbridge Inc. The currency conversions were made through www.oanda.com as on September 6, 2016. Enbridge Inc. (TSX: ENB) completed the acquisition of Spectra Energy Corp. (NYSE:SE) on February 27, 2017.