On August 24, 2018, Enbridge Inc. and certain of its wholly owned US subsidiaries and Spectra Energy Partners, LP announced that they have entered into a definitive agreement under which Enbridge will acquire all of the outstanding public common units of the Company on the basis of 1.111 common shares of Enbridge for each common unit of Company. The agreed exchange ratio represents a 9.8% increase to the exchange ratio offered by Enbridge on May 17, 2018 of 1.0123 Enbridge common shares per SEP common unit. The transaction is valued at US $3.3 billion / CAN $4.3 billion based on the closing price of Enbridge's common shares on the New York Stock Exchange / Toronto Stock Exchange on August 23, 2018.