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Technology Brookfield buying Enercare in $4.3B deal

17:43  01 august  2018
17:43  01 august  2018 Source:   msn.com

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Enercare is Brookfield Infrastructure’s second multibillion-dollar deal in a month, following the announcement that it will buy a collection of natural gas processing plants and gathering pipelines for $ 4 .31 billion from Calgary-based Enbridge Inc. The Enbridge assets will be added to Brookfield ’s U.S

Brookfield buying Enercare in $ 4 . 3 -billion deal . Video sign out. The total deal value includes about US0 million of debt that Brookfield Infrastructure would assume. Enercare , based in Markham, Ont. provides electricity, water and gas for condominiums and apartments as well as rental

TORONTO - Brookfield Infrastructure Partners has made a friendly $4.3-billion takeover offer for Enercare Inc., which provides a variety of residential utility services.

Enercare's board unanimously supports the Brookfield Infrastructure offer, which is worth the equivalent of $29 per share in cash with an option to receive some of the price in equity.

The offer is 53 per cent above Enercare's closing price at $18.91 on Tuesday.

Enercare shares surged 52.6 per cent, or $9.96, in early trading Wednesday, to $28.87 just before 10 a.m.

The total deal value includes about US$630 million of debt that Brookfield Infrastructure would assume.

Toronto stocks up, loonie edges higher

  Toronto stocks up, loonie edges higher Canada's main stock index closed higher Wednesday helped by broad-based gains in the health-care, energy, and gold sectors, while the loonie inched higher. Enbridge Inc.'s deal to sell $4.31-billion worth of Western Canadian natural gas infrastructure was the big mover of the day, said Michael Currie, vice-president and senior investment advisor at TD Wealth."It's definitely the biggest story of the day, it definitely got it moving. Enbridge has been struggling a bit this year, it's still negative year-to-date. But it's nice to see a deal where both Enbridge and Brookfield did take a jump on the day.

Enercare Inc. is to be acquired by Brookfield Infrastructure in friendly deal valued at $ 4 . 3 billion. Enercare shareholders to get equivalent of per share in cash or equity. Brookfield Infrastructure Partners has made a $ 4 . 3 -billion friendly takeover offer for Enercare Inc., which provides a variety of

TORONTO - Brookfield Infrastructure Partners has made a friendly $ 4 . 3 -billion takeover offer for Enercare Inc., which provides a variety of residential The total deal value includes about US0 million of debt that Brookfield Infrastructure would assume. Toronto stocks up, loonie edges higher.

  Brookfield buying Enercare in $4.3B deal © Provided by thecanadianpress.com

Enercare, based in Markham, Ont. provides electricity, water and gas for condominiums and apartments as well as rental water heaters, furnaces and air conditioners.

Jim Pantelidis, chairman of Enercare's board of directors, said in a joint statement that the offer recognizes the value of the business since its initial public offering in 2002.

"I am confident they will provide opportunity for employees of Enercare and capital to continue growing the business," Pantelidis said.

Enercare has about 5,100 employees at operations in Canada and the United States.

Brookfield Infrastructure is a publicly traded member of the Toronto-based Brookfield group of companies.

It owns and operates utility, transport, energy and other infrastructure businesses around the world.

Enbridge sells natural gas assets for $4.31B

  Enbridge sells natural gas assets for $4.31B A $4.31-billion deal to sell Western Canadian natural gas processing plants and gathering pipelines is expected to advance Enbridge Inc.'s strategic makeover and pay down debt while funding ambitious growth plans. News of the sale to a partnership led by Brookfield Infrastructure on Wednesday followed word last week that Enbridge's biggest growth project, the $9-billion Line 3 replacement pipeline, cleared its last major regulatory hurdle in Minnesota and is expected to be in service by late 2019.

Brookfield Infrastructure Partners has made a friendly $ 4 . 3 -billion takeover offer for Enercare Inc., which provides a variety of residential utility services. The total deal value includes about US0 million of debt that Brookfield Infrastructure would assume. Enercare , based in Markham, Ont

Brookfield Infrastructure Partners (NYSE:BIP) agrees to acquire Toronto-based residential energy infrastructure provider Enercare (OTCPK:CSUWF) for C$ 4 . 3 B , including .1B of debt. BIP is offering to buy the company for C/share

Enercare is attractive because of its stable long-term cash flows from equipment rentals, said Sam Pollock, CEO of Brookfield Infrastructure.

"We see attractive opportunities to grow the business and continue to create value, leveraging Brookfield's significant presence in the utility, home building and multi-residential sectors across Canada and the U.S.," he added.

The deal has the unanimous support of Enercare's board of directors but requires support from at least two-thirds of the votes cast by Enercare shareholders. It also requires court approvals and clearance under Canada's competition act.

Under the agreement with Enercare's board, Brookfield Infrastructure will have the right to match any unsolicited alternative proposals and could receive a $111 million termination fee if the agreement is cancelled under specific circumstances.

Companies in this story: (TSX:ECI, TSX:BIP.UN, TSX:BAM.A)

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