Canadian energy giant Enbridge has struck three deals in two weeks, including nearly $3.2 billion in acquisitions, to bolster its 5.8% dividend.
Enbridge (NYSE:ENB) announced three transactions in the past two weeks, including the acquisition of Salt Creek Midstream's crude oil gathering business for $600 million (August 26) and Tallgrass Energy's crude oil business for $2.55 billion (September 9), totaling nearly $3.2 billion. Additionally, the company entered into a joint venture agreement with KKR and Apollo (August 27) to support the future expansion of its Westcoast pipeline system, from which Enbridge will receive $700 million in cash. These transactions are aimed at strengthening Enbridge's dividend sustainability and supporting its growth, as the company has increased its payouts for 31 consecutive years.
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