Canadian pipeline company Enbridge Inc. on Tuesday agreed to buy Houston’s Spectra Energy Corp. in an all-stock deal valued at about $28 billion, creating a major North American energy-infrastructure company at a time when energy-industry operators continue to deal with the fallout from low oil prices.

Under the deal, announced jointly by the companies, Spectra Energy shareholders will receive shares of Enbridge valued at around $40.33 each, or a premium of about 11.5%, based on the closing price of Enbridge shares on Friday.

The deal links up crude-hauling heavyweight Enbridge with Spectra’s natural gas focused network, which will create a more diverse and stable company, the companies said Tuesday.

The companies’ pipeline assets “are irreplaceable; you could not build those assets today,” Spectra Chief Executive Greg Ebel said on an analyst conference call held to discuss the deal.

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Source: WSJ.com