Enbridge has entered into an agreement for a C$2.6 billion bought-deal common share offering intended to help fund announced acquisitions and provide additional financial flexibility for future growth investments.
A syndicate of underwriters led by RBC Capital Markets and CIBC Capital Markets has agreed to purchase 38.9 million Enbridge common shares at C$66.85 per share.
The syndicate also includes Scotiabank, BMO Capital Markets, TD Securities and National Bank of Canada Capital Markets as joint bookrunners.
The base offering is expected to generate approximately C$2.6 billion in gross proceeds.
Enbridge plans to use the net proceeds to partially finance previously announced acquisitions and increase its financial flexibility for potential future growth opportunities.
A portion of the proceeds may temporarily be used to reduce debt or invested in short-term liquid investments.
The underwriters have also received an option to purchase up to an additional 15% of the common shares offered.
If the over-allotment option is exercised in full, gross proceeds could increase to approximately C$3 billion.
The offering is expected to close on or about September 14, 2026.
Shares are being offered publicly across Canada’s provinces through a Canadian prospectus supplement and in the United States through Enbridge’s U.S. registration statement and prospectus.
The transaction provides Enbridge with a sizeable equity capital raise as it continues investing across its North American energy infrastructure portfolio and pursuing additional growth opportunities.
Enbridge operates natural gas, crude oil and renewable power infrastructure across North America and also owns a European offshore wind portfolio.
The company is investing in additional energy technologies including hydrogen, renewable natural gas and carbon capture and storage.
