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$ENB and $SE agreed to combine in stock-for-stock merger transaction, which values $SE common stock at about $28Bil, based on closing price of $ENB's common shares on Sept. 2, 2016. The combination will create largest energy infrastructure company in North America. The deal, which was unanimously approved by both BoDs, is expected to close in 1Q17.
Electricity utility company $SRE has commenced separate offerings of $2.5Bil of its common shares and $1.5Bil of its Series-A Convertible Preferred Stock. Sempra intends to use the net proceeds from the offerings and the related sale of shares to finance, in part, its proposed merger with Energy Future Holdings Corp. and related costs and expenses.
$COG agreed to sell its operated and non-operated Eagle Ford Shale assets to an affiliate of Venado Oil & Gas LLC for $765MM. This transaction is expected to close during 1Q18. Separately, the company announced the sale of its remaining East Texas assets to an undisclosed buyer that is expected to close on or before July 1, 2018.
$AES agreed to sell its equity interest Masin-AES Pte. to SMC Global Power Holdings. SMC Global Power is also purchasing the remaining 49% equity interest in the same assets, held by Electricity Generating Public Co. for $850MM. The transaction has a total enterprise value of about $2.4Bil.
The Federal Energy Regulatory Commission has granted approval for the acquisition of Energy Future Holdings Corp., which owns majority stake in Oncor Electric Delivery Company, by $SRE. The closure of the transaction is subject to various regulatory approvals. The company did not reveal the financial terms of the deal.
$HES completed the sale of its interests in offshore Equatorial Guinea to Kosmos Energy and Trident Energy for $650MM. These proceeds, along with cash on balance sheet, will enable to prefund $HES’ investment opportunity in Guyana, increase its rig count in the Bakken in 2018, return capital to shareholders and reduce debt.
$AEP promoted Ashley Weaver to VP, Operations and Performance Transformation, with responsibility for leading its continuous improvement efforts, effective Jan. 3, 2018. She will replace Barbara Radous, SVP, who is retiring from the company. Weaver has served as director of Operations and Performance Transformation since 2012.