Spectra to Buy Canada-Illinois Pipeline for $1.25B
HOUSTON (AP) - Pipeline operator Spectra Energy Corp. says it is buying the 1,717-mile Express-Platte pipeline system, which runs from Canada to Illinois, for $1.25 billion in cash, to build its oil transportation network.
Spectra is buying the pipeline system from pipeline company Kinder Morgan Energy Partners LP, the Ontario Teachers' Pension Plan and Borealis Infrastructure, the infrastructure investment arm of another Canadian pension fund, OMERS.
The agreement also includes the assumption of $240 million in debt.
Spectra said Tuesday that it expects the acquisition to immediately boost its profits, adding between 3 and 5 cents per share to 2013 earnings. Analysts polled by FactSet had expected the Houston company to earn $1.64 per share next year.
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