Enbridge Income Fund Acquires $1.76 Billion of Assets from Enbridge Inc.

On Monday, September 22, 2014, Enbridge Income Fund (the "Fund") and Enbridge Inc., a North American leader in energy transportation and infrastructure, entered into an agreement whereby the Fund will acquire from Enbridge Inc. a package of natural gas and diluent pipeline interests for total consideration of $1.76 billion. The transfer is subject to receipt of customary regulatory approvals and is expected to close in November 2014.

In connection with such transaction, Enbridge Income Fund Holdings Inc. ("ENF"), which owns 85.6% of the Fund, has entered into a bought deal agreement with a group of underwriters for $336 million of subscription receipts exchangeable into ENF common shares on closing of the transaction. Enbridge has subscribed for $84 million of ENF common shares to maintain its interest in ENF at 19.9 percent.

The Norton Rose Fulbright team acted for a joint Special Committee of the independent directors of ENF and independent trustees of Enbridge Commercial Trust ("ECT"), a subsidiary of the Fund, whose role was to evaluate and negotiate the terms of the transaction and make a recommendation to the Board of Directors of ENF and the Board of Trustees of ECT in respect of the approval of the transaction.  The team was led by Justin Ferrara and included from Calgary Robert Engbloom, Ryan Keays, Dion Legge, Darren Hueppelsheuser, Alan Harvie, Chrysten Perry, Rujuta Patel, Julianna Fish, Thomas Collopy, Burke Vindevoghel, and Nathan Hillier, Oliver Moore from our Ottawa office, and from our U.S. offices, Marilyn Mooney (Washington D.C.), Scarlet McNellie (Dallas) and David Gillespie (New York).